India Morning Report: Weekly closing may not be nose up after all

However, banks are probably looking good for some intermediate buying already with the Banknifty a 1000 points south of 16100 marks. The urgency to bring back PSU scrips into play is however evident at this stage and looks likt e the market will end up further south as the week closes as the PSU bank crowd waiting to catch up with the Private Bank valuation increases are still in the midst of a NPA crisis and State Bank will also have to wait for the proper stock selection to thrive with ICICI Bank and HDFC Bank, Yes Bank and the trade on Kotak/MCX which will likely come back ahead of profit stories at Indusind/ING and the others. PNB is probably going to be a bigger winner in the stock selection semantics that play out to broaden the basket of good to go stocks for the secular rally that fell through in September

Power NBFC trades likely need to be explored for a complete trading range redefinition again and as such do not seem to be subject to any corrections but with IDFC will end up on waiting lists as the new dispensation tries to bring back winning elements out of the wood work of a unified bureaucracy ready witht he development agenda India needs

If the indices do move north, HDFC Bank ends up keeping most of the gains as it looks equally ready at 849 levels currently while ICICI Bank below 1500 probably needs to go back to 1350 levels in technical consolidation, there being a single move from 1350 levels to 1550 earlier

ITC and Bharti remain in the saddle unaffected by the market’s lack of volatility int he upmove and the current bout of volatility from historic lows on the VIX

JP managed to close a first deal for power assets with JSW and Sajjan Jindal

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