The bulls may be ‘down’ but whether they are ‘out’ only the coming days will tell. The market may recover some lost ground after the selloff in the past few sessions. The start today appears to be shaky and sluggish. Global cues are indecisive with European markets rising and Asian benchmarks in red.
Traders and investors alike will remain jittery in the wake of the bribe-for-loan scam. Stocks of the realty firms, select NBFCs and a few banks could remain under pressure as would shares of companies named by the CBI. But the fact that authorities are taking stern action should offer some comfort from a longer term perspective.
The time is right to pick up fundamentally sound stocks which may have got beaten down along with their peers. Globally, concerns prevail on the mounting fiscal woes of indebted eurozone nations as well as on China’s efforts to cool the economy. Geopolitical tension is also a near-term risk.
The US markets will be open today for half a day owing to Black Friday. Keep an eye on indicators on US retail sales over the Thanksgiving weekend.
