India Morning Report: SBI well placed to move indices back to 7800

So it probably will be HDFC Bank in the lead this time as it has the best chances on valuation deficits despite the recent pre IPO move, as it has not discounted its continuing 30% PAT growth in the recent block of 4-5 years flummoxed by approved  FII limits. Markets can close pre August 15th anywhere between 7500 and 7800 as the markets are ready for the range to start up on a bigger trend, once institutional buying is done. The Rupee can probably move up on the continuing good news data as many at HSBC, Stan Chart and other European investment banks revise their ASia bull trades in rates, fx and equities

We are also flummoxed by the bid up in Cement prices as always in Indian predilections, choosing a monsoon pick up in demand to overlook bad cycle residue after a damning CCI decision that the industry has never recovered from and Infra demand that is still waiting to track the best performing infracos that would definitely lead the trend. Ofcoure the sector alongwith textiles, still automatically implies endless price rigging . Markets will try and close above 7700 today and near up to 7800 levels tomorrow to reward Options traders having sold higher index puts.

SBI will not move below 2420 levels


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