Market Comments - Weak global cues

We had another day of weak global cues and our markets would also react negatively to the global cues on opening today and then there will be some volatility before we see some negative closing.

GMR Infra crossed 250 and next target is 300 Rs by December End. There is speculation in market that GMR Infra has reportedly bagged an airport contract in Europe.

Reliance Petro is going down because of consolidation and also oil prices retreating back. This stock will now be tracked on Oil prices and may move down to 180 levels on the downside but 400 Rs target in next one to two months is not ruled out as there is reportedly a stake sale happening around 350 Rs similar to GMR Infra at 250.

IFCI has moved smartly amid speculation of banking licence in the market but as usual book profits around 100 Rs and make some shares free of cost. It will give another opportunity at 80 levels.

PTC has already doubled from my recommended levels in less than 3 months and NTPC should cross 300 anytime after market stabilises.