Market Comments - What next?

Markets reached 17K in style and it was the fastest 1000 point sprint aka Twenty20 style. The reason I said Destination 18K after 16K was that 17K would be achieved in style and even I did not expect 17K so fast.

Today is the settlement day for our markets in F & O and so volatility is expected with Bulls having slight edge on account of global factors. Markets may open positive but profit booking and squaring off positions should make markets flat towards end of the day. It is extremely difficult to predict market on settlement day as it depends on the short and long positions and accordingly markets will fluctuate. We will see Destination 18K but it will happen after some correction is due and it will take much more time then 17K. All will depend on quarterly results and the global factors.

Arvind Mills rose smartly yesterday after the speculation call given and I think it should touch 70 easily. There is delay in IFCI shortlisting bidders list due to reasons unknown and this may act as dampener. Any way follow my Zero price concept and be safe in IFCI and enjoy the show. If at all it dips sharply you can add some more stocks as I expect it to be range bound from 80 to 100 till the clarity surfaces.

Markets have run too fast and so it is time for markets to consolidate and then move to next level. I will post my IPO analysis of Saamya, Maytas and circuit systems shortly. Saamya IPO closes tomorrow.

"Follow simple rule of ABC in stock markets. Always Be Careful"