Market Update

After 3 days we are back again! This is the expiry week and expect a mild gap up around 9880 above today. SGX Nifty was flat on Friday when we were holidaying on Ganesh Chaturthi. Everything is looking neutral now and so we are starting the expiry week with positivity and optimism. Asian markets are mixed but Hong Kong is positive today which is good news for us. Today we will open around 9880 level and will try to cross 9900 level today. There is a chance that we might go near 9950 intraday which might trigger some selling. If the 9850 is sustained on the lower level and if the closing happens above 9900 today, which is very much likely, we can have a dash at 10,000 this week. Let’s hope that things go well this week and NIFTY expires above 10,000!!

Infosys

Meanwhile Infosys circus is happening around and every brokerage firm is giving Thumps up to Infy post Nandan take over. CLSA gives Infosys a target of 1070 and with Infosys at 920 now its a good 18% jump for the infosys. If you ask me, I would say AVOID. Infosys right now at 920 is trading at 13.2 times its forward valuations which 1070 will take it to almost 16 times. Not that 16 times is a higher valuation which is impossible to achieve, my only worry is are we depending too much on a man who created an Aadhar which is as controversial as the exit of Sikka from Infy. Think about it!!