The market could bounce on short covering, but
investors would be better off not buying into the rally, feels Ajay Srivastava
of Dimensions Consulting. If at all investors want to buy equities in this
market, they should focus on companies with dollar-denominated earnings, says
Srivastava. He is bullish on Divis Labs , Oracle Financial Services and
Tech Mahindra. In an interview to CNBC-TV18, he says it would be at
least a couple of years before the macro-economic environment normalises. He
says the RBI may even be compelled to raise rates in its efforts to protect the
rupee. At the same time, given the chaos in global markets, there is little the
Indian government can do on its own.
Other stocks and sectors that
are in news today:
· Idea Cellular reduces data tariff
by 90 percent in 8 circles.
· Adani group to launch USD 2
billion dollar bonds BS.
· Mahindra
Forgings open offer at Rs 81/share; opens on August 5, closes
August 20.
· Mahindra
Composites open offer at Rs 74.5; opens on August 5, closes
August 20.
· IMD says monsoon rains 89 percent
above average in June 19 week.
· RAS Resort board to meet to
announce bonus issue in ratio of 1:5 (CMP at Rs 48, up 5 percent yesterday).
· NSE to suspend
trading in KS Oils shares from June 21
on listing norm non-compliance.
Stock Market
Outlook:
NIFTY TREND:
BEARISH
NIFTY SPOT LEVELS
SUPP 1: 5580 ; SUPP
2: 5485
RES 1: 5695 ; RES
2: 5765
BANK NIFTY TREND: BEARISH
BANK NIFTY FUTURE LEVELS
SUPP 1: 11060 ; SUPP 2: 10900
RES 1: 11450 ; RES 2: 11710
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