Refrain from aggressive purchases: India Infoline

According to India Infoline Daily Market Watch, refrain from aggressive purchases.

India Infoline Daily Market Watch:

Indian market staged a solid recovery from day’s low recouping Tuesday’s losses on account of short covering. Realty stocks led the recovery after DLF announced buyback plans. Banking, capital goods and infrastructure stocks were among the other major gainers.

After an extended rally on Wednesday, we expect some cooling in key indices. Traders should not get carried away by yesterday’s pull back as FIIs continue to remain net sellers. Crude oil prices surged to a record above USD 144 a barrel, which continues to pose a major threat to the market. Traders need to cash out at every opportunity as there are several concerns like the health of the US economy and rising inflation. Refrain from aggressive purchases.

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