Market continues to remain in a consolidation phase as the sparkle needed to break past the trading is still missing. Quarter 1 results have been in line with expectations by and large, though margin pressure due to rising raw material costs is evident in a number of companies. Though the economic and business outlook is encouraging yet the valuations at least in the large cap universe are expensive. Hence we expect the index to remain range bound and money can either be made by trading ion large cap stocks or identifying good investment ideas mainly in the mid cap and small cap space. Today market should open weak on the back of negative global cues and somewhat disappointing results from frontline stocks like Hero Honda and ONGC.
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