Today’s gap down opening is a good opportunity to buy only if you have the money and the ability to spot stocks which could bounce back soon. Just when things were looking up for our markets, we get yet another brutal sell-off on Wall Street. The Dow was down 3% and the Nasdaq slumped by 3.2%. And, this despite crude oil ending below the $108 per barrel mark.
For today, we expect another cautious start on the back of mixed cues coming in from the global markets. Indices across the globe are awaiting outcome of the Fed meet and its stance on interest rates. Also, ECB will meet this week to review the interest rates. The outcome of these meetings could provide the next trigger for the markets. Against this backdrop, we expect Indian market to consolidate around the current levels in the near term. Large-caps could again take a back-seat as action is likely to continue in second line stocks. Stock specific activity could again be the order of the day.
