Hot Picks - Reliance Media, Spicejet
Stocks on Dalal Street are poised to stay side ways after a decent performance on Saturday. Expect the benchmark index to trade in a band of 50 to 100 points for the day. Midcap and Smallcap stocks might outperform the rest of the market today.
Realty and Metal stocks which were beaten down during the melt down bounced back with close to 2 percent gains on Saturday. Unitech, JP Associates and Suzlon were among the top gainers among the Nifty stocks on some value bargain hunting by some funds and value investors.
Media companies, Multiplex stocks in particular stole the limelight for the past few sessions. Inox Leisure and Fame India hit circuit filters on Saturday and Fame India might rally further in today's trade. Reliance Media, Gujarat Gas and Indraprastha Gas were some of the stocks that saw some action and could attract some attention in today's trade.
Indian markets might see positive momentum going in to the opening bell, but profit booking might emerge at higher levels. We recommend investors to trim their holdings in high beta stocks on every rise and stick to quality names for now.