The Markets as they opened today morning have been really heartening. After a downslide over the past 7 sessions, today the markets have opened on a high note, in the positive territory, that certainly a good news for the Investors. But is that really a good news as the sentiments have been positive because of external factor of Fed Interest Rate cut. It has not been on the positive industrial growth or the positive GDP growth as overall factor. Though the morning session itself is volatile after good opening, there still is room for some corrections to come in place during the mid session and the closing session as the pressures are building up.
Overall the time is to be cautious and is to play long term. One should not get carried away with the market fluctuation and should hold the positions rather than trying to square off. Its time to be in the Cash segment for long term rather than Futures.
The Stocks that are to be watched and held for a longer term would include –
Zee Tele for around 210/- as the target price could go around 300/-
HCL Tech for around 230/- or 240/- with target price around 350/-
PSU Bank Stocks like Allahabad Bank and Union Bank.
Now these are few stocks that are supposed to go good over a period and hence GOOD Time to purchase them and hold them. But sure to be cautious as while I write this, the Stock Markets have already started shedding the opening gains and are showing too much volatility. Sensex after a good rebound again is hovering around 17000 and Nifty below 5000 mark.
As had written last night, my personal feeling is still the same, markets would not cross over to regain so early as this weekend.