US markets tanked today after a dismal crude oil inventory report. While US stocks continued their extended run except for a 10 day battering in June one should not forget the current rally is not powered by volumes.
Coming to Indian markets the midcap run is likely to continue further given the FII inflows. There are many unknown names that are running, reminding of yesteryear's crash landings. The next leg of rally will turn to stocks below Rs 20 and that signals a temporary halt to the current upward momentum.
Indian economy is undoubdtedly back on track but the current spike in equities do not augur well. Cheap dollars are driving the global equity markets and most of the central bankers know this pretty well. We will witness the rate hikes soon which might curb the inflows.
Stocks to watch intraday : Kingfisher Airlines, IL&FS Transportation, Hotel Leela, Jagran Prakashan, Anant Raj Industries