Negative sentiments to continue...
Nifty
Nifty if breaches 4820 levels and closes below these levels for one to two trading days then selling pressure may get intensified with breaking the recent low of 4720 and may head towards 4500-4350 levels.
Sensex
Sensex from 1990 has corrected every 2 years 1990,1992,1994,1996,1998,2000,2002,2004, 2006,2008 and this correction which started in 2010 November has till now corrected 25% that is 15800 which has been the lowest till now comparing with 2006 but this correction can be even 33% where levels of 13900 are also possible if things don't improve
Sector view - IT (Negative)
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We continue to maintain our stance of being negative on IT as said in the last presentation also.
No end to the worries for the tech stocks as they lower the budgets for 2012 also citing lack of visibility of orders for outsourcing companies.
Also recruitment by Indian IT companies witnessed a slowdown (down by 49%) in the month of August, owing to the crisis in the US and Europe region
INFOSYS, HCLTECH, WIPRO, TCS looks weak on charts, these stocks are in pullback phase and if fails to hold the rally then heavy selling could not be ruled out. One should keep cautious approach in these stocks.
Gain from Volatality - SIP way - 11 stocks that look good fundamentally and are trading below thier 5 year average PE
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