Today, we expect the Indian market to open on a positive note. On Monday, Indian equities advanced on the back of lower volumes. Market participants are becoming cautious and are unwilling to take huge positions after the main indices rallied ~22% in the last four weeks. One should not get carried away by momentum in any scrip, as the trend could reverse rapidly. The market is still facing several headwinds, both local as well global. The release of IIP numbers today would decide the direction for the market.
Well we’ve had enough of weakness for some time and bulls are just waiting for some excuse to lift themselves. Contrary to expectations, no buying was seen towards the end. Today, hopefully will bring in the bulls at least in select counters. With inflation dipping to 12.1% and crude oil close to breaching the key $100 per barrel, the market may turn higher after three successive days of losses.
