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Stocks on Dalal Street are likely to rally in a big way after nearly more than 4 weeks of pain. We expect the indices to gain nearly 3 percent or 300-400 points for the day. We are likely to see some value buying at these levels and short covering take this rally farther.
Positive global cues from the global markets, especially the US should boost the confidence of disheartened investors. IT stocks were strong yesterday, evenin a falling market. The IT sectoral index was up more than 1.7 percent for the day. Stocks in this space are likely to stay sideways or underperform in today's trade.
We like Realty stocks from an intraday perspective. The stocks in this sector have corrected a lot and are poised for a bounce today. We like Unitech, SobhaDevelopers and JP Associates in this space. Banking stocks might follow its peers from the US markets as we have seen a huge rally in these stocks. Axis Bank and ICICI Bank are our top picks in this sector.
Today's market might be a paradise for day trader's as all odds point to a higher opening and there seems to be no looking back. According to our internal sources, domestic funds are short in the market and FII's are long and we should see how this fight pans out. Concentrate on Realty and Banking stocks along with some commodities.Piramal Life, Shri Ashtavinayak Cinevision, Jubilant Organosys, Polaris Software and Exide Ind are the stocks to watch in today's trade.