- After a brief correction, the Nifty and the Sensex managed to scale its psychological levels once again. The rally was driven by a mix of short covering and optimism over US-China trade deal likely in early January.
- GDP estimates are already coming in closer to 4.3% but the full year estimates are now falling below the 5% mark, indicating that the last two quarters may also see pressure on growth. That may not be great news for cyclical stocks.
- FPIs were net buyers to the tune of Rs.43 crore while DFIs bought Rs.440 crore on Wednesday. FII flows have been robust through the month although there is some selling that is expected on the F&O expiry day.
- There was a new high once again on the Dow and NASDAQ but most of Asia is under pressure in early trades. The UK markets have continued to be strong on the back of polls suggesting that Johnson is back. SGX Nifty is marginally positive.
- Traders can look to go long on ICICI Bank after a series of upgrades. Look to buy the stock around the Rs.510 levels and keep a target of Rs.550 for a month and Rs.600 for a 3-month target.
- Biocon is a stock we had first recommended at around the Rs.230 levels. Investors can look to take partial profits around the Rs.275 levels and book the rest of the profits at around Rs.300.
- Indiabulls is another stock we had recommended around the Rs.220 levels and we suggest taking partial profits at around the Rs.265 levels with suggestion to take full profits at around the Rs.290 levels.
- One can expect some F&O expiry volatility on Thursday but the trend in the market appears to be decisively up.
