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Sep 01, 2012, 04.04 PM IST
Market participants should avoid the banking sector. Traders and investors are advised to avoid buying at upper levels, says Dilip Bang, Nirmal Bang.
By Dilip Bang of Nirmal Bang
The US economy has been showing signs of improvement. The US equity markets were near their 52-week highs recently.
On the domestic front, the monsoon has been improving off late. Even FII flows into India were good in the previous month. Inflation numbers for the month of July were lower, yet not convincing enough for the RBI to lower rates.
Moreover, the government has not taken any steps to curtail deficit, which is proving to be a cause of worry and this could adversely impact the Indian investment grade rating, as Standard and Poor's has threatened to downgrade the country to below investment grade rating.
Traders and investors are advised to avoid buying at upper levels. The long-term trend looks positive and market participants are advised to buy on declines around the 5,200 level on the Nifty.
Stocks such as Ranbaxy Laboratories Ltd (LTP: Rs 554.30), Tech Mahindra Ltd (LTP: Rs 875.80), Cairn India Ltd (LTP: Rs 345.40), Oracle Financial Services Software Ltd (LTP: Rs 2,879) and Mahindra & Mahindra Ltd (LTP: Rs 772.80) can be considered by traders and investors on declines. However, market participants should avoid the banking sector.
The coming fortnight is likely to witness important events in the Euro zone. The outcome of these events is likely to determine the course of the Indian markets.
Source: Nirmal Bang's Beyond Market
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Tags: Dilip Bang, Nirmal Bang, Ranbaxy Laboratories, Tech Mahindra, Cairn India, Oracle Financial Services Software, Mahindra & Mahindra, Beyond Market
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