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Oil and gas, paint and tyre stocks to be in focus today

We expect markets to be generally flat until the general elections

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Bull market or bear market?

Bear for today. Going into Friday's trade, as we have polling in the states Telangana and Rajasthan, post we shall get exit poll survey numbers of the same and weekend lined up, we expect volatility shall increase, and the ongoing down move is likely to persist.

Stocks likely to be in limelight today?

Stocks from Oil and gas space, Paints and Tyre stocks are likely to be in focus. Especially, Oil marketing companies like IOC, BPCL, ONGC, Hindustan Petrochemical, Asian Paints, Berger Paints, Ceat Ltd, Apollo Tyre, and MRF.

Sectors likely to impact market today?

As per trading activity wise, over last few days, we have seen sharp cracks in defensive sectors like Pharma and IT, hence they are likely to be in limelight for the coming session also, where some short covering or value buying is probable.

Your mid-term view?

We expect markets to be generally flat until the general elections. We believe that state election results and oil prices can induce volatility but better corporate earnings should help drive markets with an upward bias.

What drove markets on Thursday?

Markets were driven by global cues which were negative- Asian markets were largely negative. Locally, investors are cautious ahead of state election results to be declared next week. OPEC meeting also weighed on markets.

Vivek Misra, head of fundamental research, Karvy Stock Broking

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