Bank stocks are likely to see
further downside in the near term.
Quarterly results will give some
direction. One would do well to trade with strict stop loss triggers if looking
at very short term.
After a
slightly listless start and a subsequent spell in positive territory, the
Indian stock market has retreated and slipped into the negative zone this
morning, with investors pressing sales at some key counters in FMCG, banking,
oil and realty sectors.
Information
technology and metal stocks are mostly flat. Healthcare, power, automobile and
capital goods stocks are finding modest support. Midcap and smallcap stocks are
mostly subdued.
The Sensex, which rose to 19,978.49 earlier in the day, is
currently down 65.80 points or 0.33% at 19,854.41, slightly off the day's low
of 19,840.98. The Niftyindex of the
National Stock Exchange is down 25.70 points or 0.43% at 5866.85
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of stocks.
If a business does well, the stock eventually follows.
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