Nifty looks good right now; rupee main concern: Dilip Bang

By Dilip Bang of Nirmal Bang

Much of the previous fortnight was devoted to talks on FDI, with the government finally winning the approval of the Parliament after a two-day debate, paving the way for 51% FDI in multi-brand retail.

Following this development, there is optimism in the markets that many such initiatives will be cleared, subsequently giving a thrust to economic growth in the country.

Further, the proposal to set up a National Investment Board (NIB) to monitor and advise ministries on expediting projects entailing investments in excess of Rs 1,000 crore is hoped to boost the economy. It may be recalled that many projects are stuck owing to delays in decision making by the government.

Globally, the issues plaguing the European Union have cooled off albeit for now amidst Greece's approval for revivals. In addition to this, many are expecting a positive outcome to the looming issue of fiscal cliff in the US.

The markets look good at current levels as well as on declines around the 5,800-5,850 levels on the Nifty.

Stocks like Cipla Ltd (LTP: Rs 417.30), IndiaBulls Financial Services Ltd (LTP: Rs 267.95), LIC Housing Finance Ltd (LTP: Rs 271.35), Aditya Birla Nuvo Ltd (LTP: Rs 1,106.40), Raymond Ltd (LTP: Rs 481.35), Zee Entertainment Enterprises Ltd (LTP: Rs 206), Den Networks Ltd (LTP: Rs 194.50) and Heritage Foods (India) Ltd (LTP: Rs 507.50) can be looked at for investment and trading purposes.

The depreciation of the Indian rupee could be a cause of concern in the coming fortnight. Also, inflation continues to be high at the moment. But many expect it to cool off in Q4 FY13.

Source: Nirmal Bang's Beyond Market

Click here to read the full magazine

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.