As said Indian markets outperformed the world peers and we are in correction mode and still a lot to come in the markets.
US markets shut with loss of 1-2% and uncertainity prevails and also home retail sales are key trigger for the markets.
Asian markets are trading lower a mid profit booking post rally of 10-15 % and only hangseng is in +ve.
With yesterdays profit booking we do expect markets to open negative. We may see 3450 levels which is strong support levels and if it breaks below 3400 levels than nifty likely to touch below 3200.
IIP data is contracted for the March month to 0.7% and capital goods, realty and metal sectors, banking may fall in today’s trade. Markets are poised to technical correction and this will continue till election results and post election cues proper direction for the markets will lead.
Overall we advice members to be cautious and keep watch FII movements. Sugar sector may be bucking the trend in today’s trade. Avoid fresh longs and one can try out shorts at every rise in high beta stocks like Jp Ass, HDIL, DLF . BHEL , JSPL JSW Steel, Bhushan steel, Tulip It etc.
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