Selling pressure from institutions at higher levels has resulted in a short term correction. Though some more weakness cannot be ruled out in the near term, yet we feel that we are firmly entrenched in a bull market. Use downsides to accumulate stocks giving preference to companies which derive majority of their earnings from the global markets or are going to benefit from the reviving demand in the developed economies. IT, pharma and metal stocks would be the places to concentrate upon in the near term. Concept stocks which get advantage of the ongoing consumption boom should also be preferred.
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