Indian stock markets are likely to witness a muted start as Asian markets traded flat after strong US recovery. The Nifty could see another lackluster day on low volumes & mid cap outperformance.
Indian stock markets are likely to witness a muted start as Asian markets traded flat after strong US recovery. The Nifty could see another lackluster day on low volumes & mid cap outperformance.
Consolidation is on the cards as more corporate results are announced, which will decide the trend going forward. Rupee strength will improve sentiment and could see the return of foreign flows.
For today buying in banks, select capital goods could do well on the long side, while selling in IT, banks & cement should provide a decent hedge.
Trading calls for today:
Longs:
1. Buy Axis Bank: 1530, stop loss 1500, target 1630
2. Buy Havells: 950, stop loss 931, target 1020
3. Buy IDBI: 69.25, stop loss 67.75, target 73.5
Shorts:
1. Sell IndusInd Bank: 497, stop loss 510, target 480
2. Sell ACC: 1287, stop loss 1313, target 1245
3. Sell Infosys: 3180, stop loss 3230, target 3100
Investment call:
Buy Shree cement: 5700-5800, 3 month target 6400
Why: Lowest cost cement producer in the country & has again shown excellent results with growth in volumes & margins. It will do well once cement demand returns after monsoon. Bonus is on the cards.
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