Market is expected to open Gap down on back of weak global queues. In addition, there was lot of expectation which was buildup for yesterday’s SEBI meeting on P-Notes but that was disappointing as SEBI said that it is still reviewing and watching the data while reducing the number of days to 43 from 6 months for rights issue which was good as corporates can raise more funds now. Telecom stocks might go down after news reports stating that MOF or ministry of finance approval was not taken before announcing the auction of 3G spectrum and now it will be delayed.
Strategy for today would be to buy stocks once they make a Intraday low and sell it on bounce, Inspite of a Gap down opening we expect some recovery during the course of the day but market will close in negative only. Stocks, which you can look for Intraday, are DLF, RELCAPITAL, and RELINFRA etc.
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