India Morning Report: Markets starting to look positively at cyclicals

At new levels of 1500 for ICICI and 2400 for banks, markets enjoyed a fairly long hiatus as fundamentals having iomproved encouraged many to hope for much better financials probably without cause. The move yesterday seems robust however and the market floor in terms of sold puts should infact move up to 7900 in the coming week and is definitely exiting 7700 to the north towards 7800. Petroneta nd IGL had a good day at the exchanges too and probably GAIL can share some of the spoils as SESA Sterlite (erstwhile Cairns) tries to ramp up the business and play in the big league 

GMR and IDFC are still underpriced and will find bigger buyers among fund companies still hoping to use their cash in time. The jump in East India Hotels and Mercator come after a very long time and the uptick in them is likely to be sustainable

I hope the Power NBFC play also comes back otherwise the markets are just moving sideways for kingdom come

 

 

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