Rupee trade is tentative as increasing levels of Nifty reach the Dollar Rupee barrier at 54.9 in spot, with August trading at 55.25 and trying to continue its internecine war with india bulls that gets pretty ugly and is quick and swift in currency
The bull market is entrenched and taking nifty vcalls at this time though tempting, would be contraindicated. Taking short positions would be detrimental to the health of the portfolio. Stay long in Banks and infracos like IDFC even if the markets fall as they may not forgive if their is a sharper upmove in the afternoon, bottom levels of 1000+ for ICICI Bank and 160 for IDFC can be equally sticky as 4700 levels gave on 780 and 120 respectively. REC, PFC and Powergrid are back on the starting block. If you are not out of DLF you should be in this session. NBFCs come next with LICHSGFIN, ING and INDUSIND supporting the rally later.
Drop the real estate companies for now. Healthcare may be due out of the window esp if it means CIPLA and DRREDDY for you. Wockhardt, STAR and Lupin stay in the limelight. ORCHID and OPTO CIRCUIT will follow