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Bears below 5085 levels only
Stocks in Mumbai are likely to open flat but trade in a narrow band for most of the day as there is a tug of war going on between the bulls and the bears. Some investors are booking profits after the Sensex has more than doubled since its March lows, where as the money sitting on the sidelines is helping things towards the bulls camp.
Meanwhile midcaps remained in the spot light, as it has been the case for most of the year. Transport Corporation of India, Banco Products, Apollo Tyres and Escorts were some of the stocks that were among the top gainers on huge volume. We like Transport Corp and Escorts in this space. Satyam Computers was another stock that showed great deal of activity. The stock surged more than 7 percent to finish at Rs 117. We do not recommend buying the scrip at current levels. Traders could keep Excel Infoways, TV 18 and NIIT Technologies on their radar ahead of the quarterly numbers