The Market climb is more or less safe, SGX even trading in the positive minuted before the close and Nifty at its weakest holding 5550. Of course another session similar to today may start off business tomorrow but there is an even chance that by Friday afternoon some weekend buying may indeed enter the Indian markets as the Euro finally corrects from 1.31 to just above 1.29 and Oil alrady trading as low as $92 at the beginning of today’s session. The Rupee had no option but to respond in kind to the strength shown by india equities and remained around 54.20 levels and even CDS futures aonluy 54.32 meaning a stronger Rupee is trying to show even during the technical(Fibonacci retracement ) correct of the sharp upmove.
Banks and Infracos are good for more accumulation and ITC has been picking up on interest as it remains a good delivery volume trade. Sugar trades , north or south, renuka or Balrampur, should have been unwound first though healthcare including SUnPHARMA also continues to show a secu;lar correction than only DRREDDY and CIPLA. Mid Cap It remains the only possible short on my list in this bad market just like for longs ORCHID and OPTO like midcaps continue to be strong bets. BIOCON and SPARC also seem like picks for a longer long trade than those blinded by the 10 day streak on the long side might imagine. JetAirwasy are good for a BTST and maybe not just Etihad but SpiceJet could also be getting a fe calls from other overseas investors.