Stocks in Mumbai are headed for another day of lacklustre trade ahead of the expiry in couple of days. We are likely to see the indices trading in a narrow band with the Nifty hovering in 5,050 and 5,100 band in sub-dued trade
Auto stocks were in limelight on news reports that there will be a price hike by major manufacturers in the near term. Maruti. M&M and Tata Motors helped the sectoral index gain 1.45 percent for the day. Metals stocks took a breather yesterday as investors booked profits in Steel stocks.
We see banking stocks losing ground today after remaining week yesterday. We advice investors to trim their holdings in ICICI Bank and SBI for now, as they might get a good entry point at lower levels. Auto Ancilliary stocks were in demand as there was some fund buying in this sector. Stocks like Easun Reyrolle, Eveready Ind were in demand.
Max India's stock gained more than 7 percent to Rs 227 on hopes of value unclocking in insurenace arm of the company. We see the stock doubling in the next 18 months. One can enetr in to the stock on some consolidation at current levels. There are no day trading ideas for today, as we think that it is a good idea to take a break from the markets once in a while