Wall Street pared huge loss on thursday after a slew of wek economic reports hit the wire. We were expecting this from quite some time. US Markets are due for a 3-4 pct upmove only to go down later. We are expecting S&P to hit 950 levels which is a 6 pct down move from here.
Indian markets are hit by global economic jitters minus which we might have taken off. But given the high voltage drama on global bourses we might need to forget the word "break out" for this month. But the base is building up for a multi year bull run.
As mentioned in our earlier coloumns Power sector is showing immense strength and this is just the start. Airlines is one another dark horse sector and so is EPC space. We like few infrastructure companies too. But we would like to avoid Realty, Banking, IT, Auto, Metals atleast for some more time.
Oil & Gas, Retail textiles, Alternative Energy are likely to continue the bull run along with midcaps. Better to stay from buying Index options as Nifty is trading in a tight band in the last one week and looks to continue the same for some more time