Markets are in a consolidation phase. We are likely to remain in a range for some time with a downward bias. However the next couple of weeks are clearly the time to do serious portfolio buying with a 2 – 3 years perspective. Focus on stocks of companies which are either enjoying good leadership position in domestic consumption industries accompanied by reasonable leverage on their balance sheets or companies in out of favour sectors like reality, infrastructure and capital goods which have been beaten down to ridiculously low valuations.
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