Stocks in Mumbai look to cement their gains from Tuesday helped by positive sentiment in the global markets. Bulls might fire some shots early to give Nifty a chance to cross the 5,000 market. Expect a range bound market in today's trade. Do not expect a run away rally as there is lot of supply at higher levels
As expected metals were big gainers in yesterday's trade. Hindalco rose nearly 3.7 percent recouping the losses from the past two sessions. Tata Steel was the top gainer with a 4 percent gain finishing off the day at Rs 577. We recommend profit booking in Tata Steel as the stock looks expensive considering the uncertainty in the Global Steel Industry and the kind of run up we have seen in the past 6 months.
The party is still on in the Midcap and Smallcap space with new stocks making it to the gainers list. Blue Bird India gained more than 18 percent on unusual volumes. STC India, Goldyne Techno and Aegis Logistics are some other stocks that looked explosive.Traders with some appetite to the midcap space could look at Deccan Chronicle Holdings at Rs 159. Max India is another stock that might give a 5 percent appreciation as a positional trade at Rs 223 level