As mention on Monday be on bear side for Today markets are likely to correct sharply. Expect the becnhmark index to lose 4 percent or more than 400 points for the day, as investors are likely to book profits
As expected the markets are ripe for correction and we might see a huge wave of selling in the first hour of trade. Some of our favorite short selling trades today is Reliance Communications (Rs 218) which has gained over 70 percent from its 52 week low, Metal stocks like Tata Steel and Hindalco are other stocks in the index that might correct and might provide a great opportunity to short.
We advice investors to get rid of speculative stocks that have been on rage in the past few weeks. Investors can look at booking profits in Essar Oil, Deccan Chronicle and Nagarjuan Constructions that have gained nearly 80 to 100 percent in the past month. Bears are likely to dominate the whole day. We advice investors against bottom fishing in this market
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