Markets remained under pressure on Thursday but managed to recoup part of losses to settle around 18000 levels. The non-institutional turnover has shrunk to a 6-month low yesterday to Rs 24000 crores which signifies that the defenses of the Indian stock market may soon be broken.
The larger setup points towards a 20% decline in the near term and ideally the turnover should further contract in the coming days ahead of the major breakdown. The key level where major stop losses are placed is 60000 in BSE Sensex below which, we expect major basket selling.
Dow Jones in JPY & MSCI India Net USD
Stocks to watch
Positive Read through
- IDBI Bank to write to exchanges to classify Govt holding as public after divestment.
- Ceat looking at USD 2 bn revenue in the near term.
- Force Motors’ total production is up 12 pct MoM, and domestic sales are up 14.6 pct.
- Tata Steel, JSW Steel – hot rolled coil steel rise in China.
- RVNL- bags order worth Rs 166.3 cr for the Surat Metro Rail project.
- Pokarna- US Commerce Dept clears Co in anti-dumping duty review.
- DFM Foods- Advent International delisting offer successful, final delisting odder price at Rs 467.
- Sigachi Industries- Board meets for fundraising on Jan 10.
- Mukand- Completes transfer of land at Thane facility for an aggregate amount of Rs 796 cr.
- Tata Steel, JSW Steel- Hot-rolled steel prices rise in China.
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