A quiet day awaits Indian Equities when they open for trade on Thursday morning, thanks to flattish global cues. Wall Street closed mixed, near to the touchline despite of weak jobless data. We expect the benchmark index or the Sensex to move sideways and stay range bound for most of the day. Most of the action will be stock specific and story based.
Asia trading flat
Taking a leaf out of Wall Street's close on Wednesday, Asian stocks started the day in a flattish manner. Japan and Australia is trading near the previous days close. We do not expect major movements for the rest of the day in the global equity markets unless there is some substantial news flow.
Career Point - Where is the stock pointing to ?
New listing kept investors busy on Wednesday with Career Point and EROS Enetertainment making their debut on Dalal Street.Career point which raised 115 crore selling 35.5 lakh shares at Rs 310 has more than doubled in value on the first day to finish at Rs 632 and we think that it is a good idea to take profits at Rs 650 levels.
Noted buyers in the counter yesterday include HDFC and Reliance Mutual funds. We advise invetors to book profits in today's upmove for the short term.
Will Nifty break 6200 ?
That might be a tough one atleast for the first half of the trade today. But Nifty to continue the steam should confidently break the 6200 level which is becoming a tough nut to crack.
Realty and Metal space looks hot from a sectoral stand point while Healthcare and Banking are currently flat for the time being. The midcap space is likley to be in demand today and stocks like JM Financials, NOCIl Ltd, SREI Infra, Shipping Corp and Binani Cement might look to extend their gains from yesterday.