Pri Market Commentary ...

Today, Indian Markets may open gap down, some more cooling off is likely from the current levels as our market has rallied for last four weeks. We have been saying that the recent surge is nothing but a bear market rally. The bears are likely to prevail over the bulls in the near term as macro-economic environment remains challenging. Review of FII norms and P-Notes issue are likely to top the agenda at the SEBI meet today. Any negative news could trigger further weakness. We advise investors to stay light as intra-day movements could be sharp on the bourses.