Benchmark indices erased gains after a strong gap-up start and there is a possibility that markets would eventually remain choppy through the day as traders might prefer to book profits at higher levels.
One of the possible reasons behind the market movement could be the fact that most of the good news is already in the prices, and if history is anything to go by then rating agencies are known for their failure to take timely rating action. At best it could be a sentimental positive for markets, say experts.
"I would say that a lot of the issues that the market has been grappling with some part of it got discounted prior especially the rate action by RBI. I guess a lot of it got discounted in advance so it was like a proverbial buy on rumour and sell on news kind of an event especially on the fixed income side," says Jitendra Sriram, Director & Head of Research, HSBC Securities.
Markets @ 12.30
At 12:40 p.m.; the 30-share index was at 28774.40, up 67 points or 0.23 per cent. It touched a high of 28,875.08 and a low of 28,622.44 in trade today.
The Nifty was at 8741 up 26 points or 0.31 per cent. It touched a high of 8759.90 and a low of 8682.45 in trade today.
Markets @ 10
At 10:00 a.m.; the 30-share index was at 28684.40, down 23 points or 0.08 per cent. It touched a high of 28,875.08 and a low of 28,622.44 in trade today.
The Nifty was at 8703 down 10 points or 0.12 per cent. It touched a high of 8759.90 and a low of 8682.45 in trade today.
Markets at 9.20
The 30-share index was at 28849.40, up 142 points or 0.50 per cent. It touched a high of 28,875.08 and a low of 28,821.98 in trade today.
The Nifty was at 8745 up 30 points or 0.35 per cent. It touched a high of 8759.90 and a low of 8744.25 in trade today.
ET Now spoke to various experts and here's what they have to recommend for today's trade:
Ashwani Gujral of ashwanigujral.com
ONGC is a 'SELL' call with a target of Rs 300 and a stop loss of Rs 315
Strides Arcolab Ltd is a 'SELL' call with a target of Rs 1160 and a stop loss of Rs 1220
Tata Communications Ltd is a 'BUY' call with a target of Rs 485 and a stop loss of Rs 458
ZEE Entertainment Ltd is a 'BUY' call with a target of Rs 365 and a stop loss of Rs 342
Mitesh Thacker of miteshthacker.com
Kotak Mahindra Bank Ltd is a 'BUY' call with a target of Rs 1465 and a stop loss of Rs 1394
Tata Communications Ltd is a 'BUY' call with a target of Rs 480 and a stop loss of Rs 444
ZEE Entertainment Ltd is a 'BUY' call with a target of Rs 361 and a stop loss of Rs 342
Ashok Leyland Ltd is a 'BUY' call with a target of Rs 78.50 and a stop loss of Rs 74.40
Prakash Gaba, CFT, prakashgaba.com
Corporation Bank is a 'BUY' call with a target of Rs 60 and a stop loss of Rs 56
Tata Steel Ltd is a 'BUY' call with a target of Rs 350 and a stop loss of Rs 333
ZEE Entertainment Ltd is a 'BUY' call with a target of Rs 357 and a stop loss of Rs 342
A K Prabhakar, Independent Market Expert
REC Ltd is a 'BUY' call with a target of Rs 370 and a stop loss of Rs 320
Axis Bank Ltd is a 'BUY' call with a target of Rs 585 and a stop loss of Rs 550
Alstom India Ltd is a 'BUY' call with a target of Rs 785 and a stop loss of Rs 705
Gaurav Ratnaparkhi, Technical Analyst, Sharekhan
Ashok Leyland Ltd is a 'BUY' call with a target of Rs 80 and a stop loss of Rs 73.50
ZEE Entertainment Ltd is a 'BUY' call with a target of Rs 365 and a stop loss of Rs 340
CESC Ltd is a 'SELL' call with a target of Rs 580 and a stop loss of Rs 627
Mayank Mehta, Derivative Analyst, KIFS Securities
Bata India Ltd is a 'BUY' call with a target of Rs 1200 and a stop loss of Rs 1140
Axis Bank Ltd is a 'BUY' call with a target of Rs 575 and a stop loss of Rs 557
Reliance Communications Ltd is a 'BUY' call with a target of Rs 66 and a stop loss of Rs 63
(Views and recommendations expressed in this section are the analysts' own and do not represent those of EconomicTimes.com. Please consult your financial advisor before taking any position in the stocks mentioned.)
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