BoI, BoB and PSU Bank stocks to be in focus today
Markets could enter profit booking mode as Nifty has continuously made new highs
Bull market or bear market?
Markets are likely to remain under pressure given the weak closing with an advance-decline ratio of 2:3 and mounting trade tensions between the Russia and US.
Stocks likely to be in limelight today?
Bank of India, Bank of Baroda and other PSU banks along with a few fertiliser companies like Chambal Fertilisers could be in focus.
Sectors likely to impact market today?
PSU Banks could be a ticking time bomb due to the announcement of the latest defaulter list for IBC. Additionally, fertiliser companies could experience profit booking and some fresh buying.
Your mid-term view?
Markets could enter profit booking mode as Nifty has continuously made new highs. The onset of a corrective mode for the Indian indices is expected soon.
What drove markets on Tuesday?
Tuesday was a good day for the bulls mainly led by Reliance, Maruti Suzuki and Hindalco. Nifty Metal led the rise by increasing by 1.8% intraday and Bank Nifty closed in green after a weak start to the day.
Umesh Mehta, head of research, SAMCO Securities and StockNote