Aviation, OMC, paint stocks to be in focus today

Bull market or bear market today?

The market extended sharp selling pressure for second consecutive day and wiped out all of the previous week's gains. We can expect Nifty spot to test the support level of 10800 tomorrow. A fall in global markets may test this downside level, as rising crude oil prices and geopolitical tensions may have an impact on the market.

Stocks likely to be in the limelight today?

Shares of PSU banks fell the most on intra-day basis, overall banking index was approximately 3-4% down. Also the auto stocks shed approximately 2%, dragged by Maruti, Hero MotoCorp, Ashok Leyland, etc. Looking at the current market scenario we can expect these stocks to be in focus for today as well.

Sectors likely to impact the market today?

We can expect stocks of oil marketing companies, paint industry and aviation stocks to be in limelight on account of increased crude oil prices and the depreciation of the Indian currency on the other hand. But any sort of turnaround in the above aspects cannot be ruled out.

Your mid-term view?

All indicators are pointing towards continuity of this slowdown for a while. Hence, going with the existing set-up, it becomes slightly tough from the market's view point. But from the investing thought process, the price points of many companies are getting to reasonable levels. From the long-term investment view and for the investors who have the patience to sit through and see the volatility for a while, it makes a case to start nibbling in at the current juncture.

Siddharth Sedani, Vice President - Equity Advisory, Anand Rathi Shares and Stock Brokers