Stock market indices are likely to consolidate at the current levels on Wednesday,as we are witnessing constant supply at higher levels. The mark is looking for fresh triggers to make a move and there are none in the vicinity at this point of time.Expect the Sensex to trade in a band of 0.5 percent
The Sensex has spent most of its time close to the dotted line yesterday, although there were some bright spots like the 'Realty'with help from DLF and Reliance Infra. As expected Midcap and Smallcap excelled even in a lacklustre market. We expect the trend to continue as traders and speculators are flocking to second rung stocks in hopes of making some quick money.
Shares of the new listing Persistent systems closed at Rs 404, which is a premium of more than 30 percent from the issue price. We expect the stock to make a move to Rs 430 level intraday, and traders to should exit at these levels. Our pick Prime Focus jumped 13 percent on huge volumes and we see this stock going places soon. Hold on to tis baby. Essel Propack, Essar shipping and Surya Roshni were other midcaps that attracted active traders.
Our pick HEG which was mentioned couple of days ago at Rs 340 levels reached Rs 363 yesterday and we recommend holding the stock for couple of days for further gains.Indo Asian Fuse Gear and Crest Animation are two stocks that might be worth watching for traders today