For Exide, I have a price target of about 165. Ceat, which has moved up from 90 to closer to about 120 and now it is currently closer to 110, can move to levels of about 130-135.
Today was a right day to go short on this market and chances are that if we do get follow through, we should slowly head towards 5180-5150 levels and then may be 5100.
There was some short covering towards the end of it and yesterday I was looking at the possibility of ICICI Bank or State Bank bouncing back, but given the fact that those stocks have also given away, it would be the Bank Nifty leading the decline again.
The Nifty has largely remained range-bound despite record FIIs inflows as investors are cautious over a host of domestic and global issues.
It is not that we are extremely attractive nor are we expensive. So, from a long term perspective you would still want to look at these market and we are relatively better placed than a lot of other countries.
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