Markets are in a consolidation phase. We are likely to remain in a range for some time with a downward bias. In the very near term, next one week perhaps, we are likely to have a pullback rally which may be used to get rid of all stocks in which you don't wish to stay invested for the long run. Declines after the relief rally may be used for long term buying. 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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