Markets are not ready for a sell off or profit taking of any kind, but this looks like an assured 200 points on the Nifty north of the 5650 mark while Banks wait at the 11600 mark and the consumption plays get ready fro ablowback but ITC remains a BUY.
Power NBFCs will pick up the slack on investing interest in the banks caused by a preponderence of the short PSE bank stuff in the NSE Banknifty / BSE Bankex and this saturday’s MCX session will have some pickjs for the connoisseurs right no as delivery will be completed by Friday though cross exchange arbitrage is not set up yet with inter exchange trades/statistics flow required by law but not happening wth the new exchange segment at MCX or within BSE and NSE
The Dollar index seems to have peaked at 81 not because of the high 81 score which can still go up but because US yields have come more than above water to sustainable 1.60% levels and are unlikely to go stronger than here as that would fiscally start hurting the USA as it tries to avoid the downside of near 0 interest rates. That means positions should have started building up on the long side of the Rupee and supporting inflows to NSE equities are possible if not probable
At open, Banks are a buy as Banknifty hits the sliders to 11400 and is ready for good quick footed buying in todays first hour