Morning Market View:
It can be the day of recovery for the Indian markets today after the recent steep sell off both in the cash and the derivatives markets. The sentiment on the street is still cautious but is having good support around the lower zones of 25400-25500 on the daily charts. On the flip side, the price may witness some covering once it crosses 25850 mark. The view for the day will be to buy on dips for intraday perspective.
At current juncture, the Banking index still is consolidating in the broad range with price having support around the lower levels all thanks to some strength witnessed in the ICICIBANK, SBIN & INDUSINDBK. The trend of the index is neutral till it is holding 59000-59200 levels on the lower side while above 59800 only the view will be more positive for the near term.
On the geopolitical front, the ongoing US-IRAN issue is the major culprit behind the current sell off and may exaggerate further in the near term.
Among the sectors –Metal, FMCG & Defence as looking good for the day while Banking stocks may remain buy on dips candidates for the day.
Results for the day: