Wall Street extended three weeks of gains Monday on weaker US dollar and expectations of another round of stimulus helped stocks move higher. While the above two factors are helping US stocks right now,longer-term effects of the Fed’s expected resumption of bond purchasing need to be seen.
Asian markets are trading weak on Tuesday on flattish global cues. We expect a range bound trading sessions across the globe today, on absence of major news flow.
Dalal Street - Still in a band ?
Despite of all the bullish momentum, for now we expect the street to trade in a band with upside capped at 6170. We believe the level will be washed off after FII refund money from Coal India flows into Dalal Street.
Power Ancillaries, Sugar as sectors look better than the rest while stock specific action based on Q2 numbers is the current theme. Hindustan Unilever declared very good Q2 and same did TCS among the large cap stocks.
Real-time Portfolios, started on August 16 are delivering pretty good results and we expect much more to come in the immd future