Tuesday last I had illingly added new positions long ont he Banks and made great profits. That of cours e is thr problem of a rangebound market which hates correct trades as much as it hates to admit anyone is right and that becomes the point the markets turn.
I am still ong of course, now ICICI offers another profitable trade from 930 to 1020, HDFC Bank from 590 to 600+, SBI from 1840 apparently (pre open quote) and that is still wobbly, as PSUS like CANBK and UnionBank seem to me more than index eit candidates but are favored by markets for their depth of fall. Unfortunate and not worth following though a couple of the good experts on TV18 and ET continue to like them on technicals. Technicals work great for trading and Transformation and reform can follow as well but I would prefer stopping at Axis, BOB and PNB and avoiding the rest forever. The NBFCs are up on the Home plate for short trades, led by RECLTD and PFC ill soon follo. The shorts are unlikely to see any action till late afternoon today and at best tomorrow.
Again, the only thing missing are buyers in this market and no one would advise you to buy right now, leading to a gradual rerating of levels in most stocks unless another Titan or Jubilant comes along. Resource stocks continue through a global slumpa nd today markets will not react to lower Oil prices in the consumer markets either. Heathcare and Bharti remain ok bets to keep you invested. I am long in IDFC, ICICIBANK, YESBANK, RELINFRA, and ORCHIDCHEM