Today and in the coming days bulls may continue to remain under pressureas the macro-economic outlook is getting worse by the day, which is evident in the Q3 GDP data followed by weak trade data. Traders should have a cautious approach and be stock specific.
The season of pulling down one another begins on the political front. As days progress, we will witness need-based ‘mergers and acquisitions’ of political parties. While action shifts to the political arena, another slide lays in store for the Indian stock market. A recovery is possible only if global markets oblige though no such signs are visible this morning.
Another negative is the slide in the rupee, which will only encourage further selling by FIIs. Though Feb. auto numbers have been better, the same trend is unlikely to remain for long. The mess in the western financial system will continue to hinder any recovery in the global economy. Lack of positive triggers will keep the domestic market subdued.
