www.rupeedesk.in
Selling pressure may sustain in the equity market next week, following a sharp fall today wherein the National Stock Exchange's 50-share Nifty slipped below its crucial support of 5900. The index though ended off its 2013 intraday low of 5883.65. The nifty ended at 5903.50, down 35.30 points, or 0.6% from close Thursday. Traders believe Nifty may rebound from 5850-5880, failing which it can slide towards 5800.
On the other hand, selling pressure may persist at every high, putting immediate resistance for the index at 5920-5950. On the whole, 6000 remains a stiff resistance for the Nifty, and trade is expected to remain choppy in the run-up to the Union Budget, due later this month.
Overseas markets will lend cues to indices at open on Monday. US futures were flat today ahead of December trade data. Back home, investors will also eye India's industrial output data for December, due on Tuesday. The industrial growth is likely to rise 1.0% in December following a contraction of 0.1% in November.
Shares of non-banking financial companies may see some positive price action on hopes final norms on banking licences will be released soon. Oct-Dec earnings will also continue to dictate stock-specific action. A higher-than-expected quarterly net profit of 414.4 mln rupees may aid gains in BGR Energy Systems.
Bharat Forge is likely to fall as its Oct-Dec net profit of 475.2 mln rupees was sharply below the 807 mln rupees analysts had estimated. Indraprastha Gas will take cues from its earnings, due on Saturday.
Next week, Oct-Dec earnings from Indian Hotels Co, Jaiprakash Associates, Tata Power Co, Hindustan Oil Exploration Co, Hindustan Petroleum Corp, Oil India, Power Grid Corp of India, Steel Authority of India, Bharat Petroleum Corp, Coal India, Indian Oil Corp, JSW Steel, Dr Reddy's Laboratories, DLF, GAIL India, and Suzlon Energy will be eyed.
Selling pressure may sustain in the equity market next week, following a sharp fall today wherein the National Stock Exchange's 50-share Nifty slipped below its crucial support of 5900. The index though ended off its 2013 intraday low of 5883.65. The nifty ended at 5903.50, down 35.30 points, or 0.6% from close Thursday. Traders believe Nifty may rebound from 5850-5880, failing which it can slide towards 5800.
On the other hand, selling pressure may persist at every high, putting immediate resistance for the index at 5920-5950. On the whole, 6000 remains a stiff resistance for the Nifty, and trade is expected to remain choppy in the run-up to the Union Budget, due later this month.
Overseas markets will lend cues to indices at open on Monday. US futures were flat today ahead of December trade data. Back home, investors will also eye India's industrial output data for December, due on Tuesday. The industrial growth is likely to rise 1.0% in December following a contraction of 0.1% in November.
Shares of non-banking financial companies may see some positive price action on hopes final norms on banking licences will be released soon. Oct-Dec earnings will also continue to dictate stock-specific action. A higher-than-expected quarterly net profit of 414.4 mln rupees may aid gains in BGR Energy Systems.
Bharat Forge is likely to fall as its Oct-Dec net profit of 475.2 mln rupees was sharply below the 807 mln rupees analysts had estimated. Indraprastha Gas will take cues from its earnings, due on Saturday.
Next week, Oct-Dec earnings from Indian Hotels Co, Jaiprakash Associates, Tata Power Co, Hindustan Oil Exploration Co, Hindustan Petroleum Corp, Oil India, Power Grid Corp of India, Steel Authority of India, Bharat Petroleum Corp, Coal India, Indian Oil Corp, JSW Steel, Dr Reddy's Laboratories, DLF, GAIL India, and Suzlon Energy will be eyed.
