- After a brief bounce, the markets were back to correction mode on Thursday with the Nifty closing just above the psychological 12,000 mark. It may be recollected that the Nifty had spent over a year trying to breach this mark on the upside.
- Budget will focus will be on 2 big areas. First will be what happens to the telecom sector and the stand on the AGR issue. Secondly, the budget also plans a $28 billion allocation to food security, which will impact the fiscal deficit.
- FPIs were net sellers to the tune of Rs.962 crore while DFIs bought Rs.292 crore on Thursday. FPIs have sold nearly Rs.3500 crore worth of equities in just 3 days turning them into net sellers on India for the month of January.
- European markets took deep cuts with the BREXIT deadline set for 31st January and the pandemic spreading rapidly. Most of the Asian markets saw some recovery but China and Hong Kong continue to reel under the virus pressure.
- We are positive on Bajaj Auto after the extremely positive results and the strong export performance. Traders can look to buy Bajaj Auto around Rs.3140 for targets of Rs.3300 in one month time frame.
- With rating agencies reiterating the negative rating on Yes Bank, the pressure on the stock is likely to continue. We see the stock correcting lower to Rs.32 levels and traders can look to position accordingly on the short side.
- We had given a downgrade on IndusInd at around Rs.1350 with lower target of Rs.1200. With the level approaching, we further downgrade our price outlook to Rs.1100 in the next one month. Use every bounce to sell the stock.
- The markets will predicate today on the economic survey and the macro challenges posed in the same. That could be the key.
