HDFC Sec: Markets may remain flat

According to HDFC Securities, markets may remain flat today, after yesterday's sharp fall.

Questions also arise as to whether the market is headed for a bigger decline or is this just a mini correction.

The technical charts indicate that the uptrend that began in the middle of June 2006 is still intact.

This reverses with a close under 10,200/2940 levels. The rupee has touched a three year low of Rs 46.75 versus the dollar. The corporate results for June quarter have been a mixed bag so far.

Having fallen sharply over the last few days, markets could pause on Tuesday after the initial weakness. Auto, pharma, refining and telecom stocks could fall in the weakness.