Food inflation data came out and it doesn't look good, still at 17.05%. This will lead to further rate cutes and ultimately curbing of growth. Not good for stock market (more FII withdrawal, and scared to enter again). Unrest in Egypt didn't help, it is causing more insecurity (It's time Mubarak cared about the country and stepped down).
Technical
Nifty looked to have finally started some rally (or retracement if you will), but carnage on Friday sell-off bought it back to the lows of the week. But the downside momentum looks to be coming to halt. This certainly doesn't mean market will move up but we can see sideways movement from here.
Stocks
Still not good time to buy stocks, it is better to give away few gains and be sure that further downside is curtailed than to take the risk of bottom fishing. Anyways is I like Visasteel and National Aluminium. Also since results of andhrabank were good, fundamentally it looks to be a good buy (and certainly at low P/E ratio).
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