India Morning Report: On an as-is where is basis?

Markets are still ready to test the 7800 mark with Bank nifty falling to 15350 levels on Friday and ICICI Bank only reporting towards the end of the week. YES Bank however seems unnecessary subdued at 540 levels unless the stock has been given the heave ho for its general mid cappedness, to which I have not had the time to see any early or late slowdowns in business segments. Promise of new business segments has not been ever marked into the stock or is likely in the foreseeable future.

The Put floor for the Nifty indices has moved to 7650 and likely will not cross to 7700 levels till a final thrust into 8000 levels happen. Glenmark is likely to remain the uncontested gainer as midcaps consolidate at lower levels with another 30-40% performance left in the stock. HDFC and HDFC Bank will resume the week in positive territory.

IDFC also starts afresh at 160 levels and Anil Ambani (Reliance/ADA) group companies could take only 2 days out of 5 before the trend consolidates again. I am still not convinced of the Sun Pharma story or that of real estate stocks being able to play the coming infra boom. The JP Power deal for its hydro assets, probably finalizes the evolution of the group into a holding/trading company all over again and will unlikely be signalling any new capital infusions for the infra project bids to come(if any).

Bharti and ITC seem to have maintained equanimity while the Jet airways stock is likely being accumulated by event based and longer term strategy funds for its policies and potential.  The jump in HEro moto is likely to break midweek once the up trend firms up and the Bajaj Auto -Hero pair can come into green again

Adani group investments and the Gold finance duo seem to have run out their upside again and markets can potentially relax hold on current levesls till the uptrade returns in Power NBFCs

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