Stock market for recommendation on today

The Nifty hit a fresh record all-time high as its opened on a positive note for fourth consecutive session. All the sectoral indices, barring the IT sector, are in the green with pharmaceuticals, banks and auto leading the upmove.

"The indices seem to have no choice but to hit new highs. With the Nifty managing to end above the 8,000 mark, the next number being eyed is a market cap of over Rs 100 lakh crore for the BSE which is now close to Rs94 lakh crore," said IIFL report.

Some profit booking could always set in later in the day. With lack of cues from the US market as Wall Street was closed, investors are paying more attention to the other data like European Manufacturing which has weakened and Germany's GDP which has shrunk," the report added. 

Market could fall to correct about 5 per cent over the next two months, Bank of America-Merrill Lynch says in a note.
BofA-Merrill says pace of reforms "slower" than expected.
But adds it still expects company's earnings to double over the next 4-5 years. Says view supported by mean reversion of corporate profits to GDP among other indicators.
The note adds auto, cement and energy sectors will drive earnings rebound.
Top buys that fit its theme are: ICICI Bank, State Bank of India , Maruti Suzuki and Oil India.

Nifty Tips :

After rising nearly 180 points in early trade on firming trend overseas on Federal Reserve's upbeat outlook on the US economy, the 30-share index fell back to end at 25,201.80.