The global sell-off in equities continues with most stock markets reacting negatively to weakness in crude oil prices. Fears about global growth slowdown have also weighed down on markets.
Energy stocks constitute a big percentage of the Dow Jones index in the US, so the fall in oil prices will impact earnings estimates.
In India, yields on the 10-year bond fell to 7.9 per cent, which is a three-year low. Softening yields is indicates that markets are expecting an earlier-than-expected repo rate cut by the Reserve Bank.
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Trading calls for next four days,
1) Buy Punjab National Bank: 1090-1110, stop loss 1068, target 1155
2) Buy Bank of Baroda: 1060-1070, stop loss 1032, target 1120
3) Sell Wipro: 550-555, stop loss 563, target 520
4) Sell Infosys: 1950-1975, stop loss 2025, target 1860
Previous trades: M&M (buy), ICICI Bank (buy), Eicher Motors (sell), Axis Bank (sell) (Read the full list here)
Disclaimer: Investors are advised to make their own assessment before acting on the information.
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