There are two sets of news reports that might impact on the markets this morning.Members of Sebi have suggested a phased reduction of the securities transaction tax, as part of a package of measures to develop the capital markets that was discussed with FM late in May. Meanwhile HDFC Bank has revised upwards India's growth forecast from 5.8 per cent to 6.5 per cent for FY 10.
Traders could concentrate on Oil stocks like ONGC and Cairn India (Rs 259) for quick gains as oil prices continue to climb and is likely to breach the $ 70/barrel. The stock of Unitech might see some buying interest on the news that the company plans its debt by selling some assets.The going for the market from the current level is going t be tough.
Investors are likely to selective and only few winners might emerge from current levels. We have recommended one multi-bagger in Healthcare and a swing trading call in Engineering sector today.
Some of the stocks to watch in today's trade are; Gwalior Chemical which is set to report Q4 numbers today, Saregama ahead of its preferential issue, VIP Ind before its quarterly numbers on tuesday. Over all, a flat to positive market with some sparks in the midcap space