Views:
short-term: bearish, but expect (and hoping for) a small bounce back to 4650-4720 range.
intermediate-term: bearish, likely target 4000 in 1 month.
long-term: bearish, likely target 3500 (+/- 100) in 3-4 months.
Gold: bullish: might reach all time highs soon.
Oil: bull run is on, but looks toppy. may set in a climax top soon - this is not a level to enter long.
Sectors:
IT: I was very surprised to see NSE IT index down by 4%+. IT stocks were outperforming so far, but today profit-booking seemed to have happened. hoping for consolidation in IT, while the main indices fall further.
Pharma: bullish action continues.
FMCG:
Banks: Still bearish, but it seems banks are not falling much any more. They used to fall more than the indices, but have shown some resilience now - keep watching.
Oil: still bullish, but this might looks like it might top out anytime soon. It maybe that oil group continues its bullish run since too many people are also calling for a top here.
Realty: definitely bearish. infact, its so bearish that its not even giving a chance to short again after i covered my shorts mid last week. Damn!
Sectors to start tracking for me: Auto, Construction, Cement, Metals, Infrastructure sector overall
Stocks showing surprise dramatic weakness: IDFC
Disclaimer: I am 75% invested in debt and 25% in equity - my equity folio has not been modified yet to be overweight in the sectors on which my view is overweight on. Still learning!
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