The 30-share BSE Sensex closed at 18,167.03, up 93.13 points or 0.52% and the 50-share NSE Nifty rose 35.65 points or 0.66% to settle at 5,452.10. For the week, both the equity benchmarks ended flat.
In the last one hour of trade, the Sensex wiped out around 100 points from its day's high due to profit booking at higher levels. Sell-off was seen in private power companies' shares along with Sterlite Industries, Reliance Communications, Tata Motors, M&M, Hindalco, BPCL and Ranbaxy Labs.
How to trade now?
OIL, Technology Looks good, Avoid RIL (Buy Cairn: If Vedanta picks up 51% stake in Cairn India via Sterlite then it will not be too materially positive for Sterlite. Analysts give reasons that the cash could have had better use from a company point of view so it may dampen sentiment on Sterlite a bit.)
There is a resistance in Large-Cap Sector
It is time to Shuffle your portfolio and book some profit as well
If the market slips to 5150-5200 there is a good opportunity to invest into Small or Mid Caps
One can see Range bound markets
On banking stocks
According to Analysts, banking stocks can out-perform for some more time now; However they warns that there may be concerns on those stocks in the near future but on aggregate banks would be out performers
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