Tea stock to watch and Reliance
Stocks on Dalal Street are likely to undergo a small correction in the morning session. Investors are likely to book profits and lock in their gains after a humongous run on the Sensex for the past three and half months. The Sensex has gained 87 percent after the March 9th bottom. Expect the benchmark index to correct more than a percent or nearly 200 points for the day
There is a strong chance of a pull back in crude on Monday. We advise investors to book some profits and a little bit off the table. Metals are likely to correct and might underperform other sectors. Book profits in Sterlite Ind, Tata Steel and Hindalco. Realty will also be under pressure this morning as the stocks in this sector are technically weak after a 9 percent fall last week.
There is a strong chance for the Sensex to breach the 15,000 level on the downside. Midcaps are the most vulnerable as investors will refrain from taking on more risk and bet on these stocks. The Midcap space has been under selling pressure last week and this is likely to continue, atleast on Monday.