No quick picks.
Index opened flat but closed low. Index dropped 38.13 points to close 3124.38 with 2.112 billion traded. We expect strong resistance at 3200, so index will attempt to challenge that point again. However, bullish outlook remains intact since index is experiencing temporary pullback.
News update :
1) US home prices down 0.2% in August; Case-Shiller.
2) US consumer-confidence gauge rises to 50.2 in October from September’s 48.6.
3) IBM shares turn positive after board approves $10 bln share buyback.
4) Stocks reclaim positive territory in midmorning trade, buoyed by consumer confidence.
5) US stocks end seesaw day higher; Treasury yields tap highest level in more than a month.
Medium term picks :
2) IndoAgri enter 2.69 SL 2.23 (last dealt at 2.60)
Quick Tips :
Performance from recent IPOs are moderate reflect weak market sentiment. Do be cautious when opening any positions. Blue chips are not good bets for the time being, so switching to mid cap for medium term investing might be a better choice. Let’s wait patiently for index to break through 3200 decisively before shifting back our focus on the blue chips.
