www.rupeedesk.in
Indices are likely to trade with a negative bias next week with the National Stock Exchange's 50-stock Nifty seen testing 5800 as the overall trend has turned weak. Technical indicators suggest that Nifty may test 5800 next week. Yesterday, Nifty closed at 5887.40, down 9.55 points or 0.2% from Thursday's close. BSE's 30-stock Sensex ended at 19468.15, down 29.03 points, or 0.1%.
Investors may prefer to stay on the sidelines ahead of the Union Budget for 2013-14 (Apr-Mar) on Feb 28. The Budget session of Parliament starts on Feb 21. We believe the market is now hoping for an 'achievable' budget from the finance minister. Further fiscal reforms are also needed to encourage investments from the private sector. If these expectations are fulfilled, markets may once again resume the uptrend on a sustainable basis. Stocks of Shipping Corp of India, GlaxoSmithKline Pharmaceuticals, Nestle India, Pantaloon Retail India, and ABB may catch investor attention as they will detail their Oct-Dec earnings next week.
