US markets ended on a positive note on Friday and Asian markets are rallying today morning indicating a gap up opening in Indian markets as well. As of now, this looks like a pull back rally and buying blindly is not recommended. Everything depends upon the global market now. If, US markets crash today, there will be a crash everywhere tomorrow. Taking a trade position beyond the day is just a gambling in the current market scenario.
It is better to stay away from the market till market stabilizes. Reliance IPO refund will be a positive to the market as some money will enter into the market. There will be listing of Reliance power this week which is another trigger to the market.
There was a buying in IT stocks last Friday and I have read some research reports suggesting a buy in IT stocks. I am not yet convinced with the theory that IT stocks are underpriced. I expect more downside and would not enter into IT stocks till there is clarity on US economy front.
Traders may find good opportunity to make money in stocks like Educomp, Axis bank, kotak bank, L&T, reliance communication etc. For ordinary investors this is the time to sit down and watch the market movements rather than buying in a hurry. As always, there is tomorrow and I am optimistic that tomorrow will be bright for patient investors.
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