Wall Street had another flat to positive session as market awaits further clarity from corporate earnings and US Fed decision. So far, most of major US Banks came with result beating analyst estimate.
Chinese economy recovery on track as Q1 GDP beats estimate, metal and commodity stocks in focus.
VIX @ 12.26: expect to move to 14 level.
Approach on Indices: Indices are in correction / consolidation mode, Nifty @ 17479 & Banknifty @ 41331 could act as support level and provide entry. SGX Nifty indicate mild down opening as there is no major news or global cues.
Market View: This week our strategy is to focus on stocks which has so far underperformed in recent rally and do have potential for catch-up rally. We would focus on Mid-cap & Small-cap stocks.
Stocks in Focus: HINDALCO, BANKBARODA, ABCAPITAL, EXIDEIND, INDIANB, VOLTAS & JUBLINGREA.
SGX Nifty @ 17729 down 34.50 points at 8:05 AM