Markets in the last week jolted all the bull run due to Satyam fiasco and dampened the market sentiment and led to questioning of confidence in the corporate governance of India.
US markets closed in the weekend with losses of 2-3% view of week unemployment data.
Asian markets are doing flat to negative and consolidating in the range bound manners.
Indian markets are set to open –ve to flat and sentiment in the market battered due to satyam fiasco and expectation of poor quarterly no’s. The IIP no’s likely to announce in today and likely dampen more the markets due to IIP no’s may be in the –ve territory.
Traders are to be very cautious and not to take aggressive long positions till Nifty breaches 3010 levels. Heavy selling likely in today’s trade ahead of Q3 and IIP data. It is also heard on the street that some more companies likely to show their cooked books in this Q3 and may see some surprise outcomes of companies.
Banking and some selective FMCG , Pharma and Power stocks likely to announce good No’s.
We advice members to accumulate good stocks like SBI, Reliance Infra , Sterlite Inds at lower levels.
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