The interesting thing in this market market correction is that many stocks are at 52 week lows and many are near 52 week highs. The stocks that did not participate in the Sept-Oct rally are falling as rapidly as stocks that rose 30-50% and now correcting.
Banking stocks, which led the recent rally, are down with profit booking, but once the market stabilizes and starts moving up, they can move up again by 25-30% in the coming months. Among large banks, ICICI Bank looks good with 1 year target 1500, which is 35% upside from current levels. City Union Bank has posted good results, and is our top pick in smaller banks, and it can gain 50% over next 12 months. Continue reading Indian Stock Market Analysis -21Nov2010