Current Index: 3594.05
I never imagined that 3600 would be achived with such a ferocity. The lacklustre PC's budget coupled with the profit booking across the globe added to fuel to fire. As it stands we should have some consolidation around these levels as the 200 DMA is very nearby. The pain now will be to identify the stocks that will go up. Typically if the index is negative the stocks also feel the pressure. Sector wise IT is in for some harsh realities going forward. The 40% growth rate may not be viable and we might have a round of correction in the IT biggies. PSU banking seems to be a safe bet but the upsides are capped. Textiles have been given a new lease of life but most of the stock are underperforming for quite a number of quarters. Cement has been hammered out of shape and with PC's eagle eyes on the sector - it will be long time before the shine can come back.
As usual very difficult to pick the bottom and no one as ever advised to do that. Lets see at what levels do we consolidate.
No comments:
Post a Comment