Clearly the markets are in the overbought zone so a pullback is expected upto 19350 levels this week.
The F&O Expiry ahead should be waited for before entering.
Any further gains above that will be tough given the inflation, falling IIP data, etc.
The rate hikes will of course be watched out but as far as they are concerned, the markets seem to have factored in those. A hike a 50bps or more will again bring bearishness.
The fast pullback in the banking stocks (SBI, Yes bank, Axis bank, all have shown strong quarterly results. and will be good picks)
shows that the worst might be over now and they should lead the sensex from here on.
India Infoline
Also Bharat Forge with a target of 7-8 % from current prices can be bought
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