Market Comments - Close to Bottom

I believe we have seen good amount of correction and yesterdays rally was because of frentic short covering by bears. US markets corrected yesterday but it was not a huge one and every respite in US markets will give good opportunity for our markets to rally. The day US markets close in positive, we will see a huge rally and when there is correction, we may see a pause.

Markets have corrected significantly and hence the bubble phenomenon is now gone which is good for the health of the market. We will however see the swings between 17 K to 20K and it will take significant time before we see 21K. However specific stocks will keep moving.

Power Stocks have moved up and NTPC sparkled well. I had recommended IFCI, NTPC, Relpetro for futures trade this month and IFCI profit booking was done around 95. RPL sparkled to 290 and NTPC now at 257. I will keep giving few stocks for trading in F & O so that those who can trade in F & O with good amount of money can do their trades.

Teledata has corrected with market and it may go down to 55 levels also but of late it has bounced back from 58 levels to 63. DO NOT worry about the price now and be patient. It will fetch the desired results.

IFCI sale stake may be delayed is the news and hence it will be in the 75 to 95 range for some more time.

I will try to post the PE ratio post today.