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Benchmark share indices will take cues from overseas markets and domestic economic data in the week ahead. Later in the day yesterday, US non-farm payroll data for June will be released. The data may give indications on the timing of the tapering of the US Federal Reserve's monetary stimulus. On the domestic front, towards the end of this week, investors will focus on Consumer Price Index inflation for June and Index of Industrial Production for May, to be released by the Central Statistics Office. The bias for the domestic market is positive. The National Stock Exchange's 50-share Nifty is expected to find immediate resistance in the 5900-5910 range. On breaching this level, market participants expect the index to soar up to 6000 levels. Immediate support for the index is pegged at 5860, breaking which the next support for the index is in a band of 5750-5760 points.
Market might move in a range of 5760 on the downside and 5980 on the upper side. Bias remains positive for defensive stocks such as pharmaceuticals. Yesterday, the Nifty ended at 5867.90, up 30.95 points or 0.5% from Thursday's close. The index hit a low of 5858.45 and high of 5900.45. S&P BSE's 30-share Sensex closed at 19495.82, up 84.98 points or 0.4%, after testing a low of 19477.74 and high of 19640.27. MCX's SX-40 ended at 11625.88, up 60.30 points or 0.5%. Intraday, the index moved between 11560.97 and 11701.94. With the earnings season starting this week, investors will also start eyeing companies for their Apr-Jun numbers. Among Nifty companies, index heavyweight and information technology major Infosys will announce its result on Jun 12. Other companies declaring their result through the week include Geojit BNP Paribas Financial Services, Sintex Industries, IndusInd Bank and South Indian Bank, among others.
Among other stocks, Canara Bank is likely to be in focus as the bank will cut base rate by 30 basis points to 9.95% from Monday. Stocks of Reliance Communications will also be in focus as the company will mull unlocking value from its real estate assets and arms on Sunday. Sesa Goa may rise after it received clearance from the forest department for its iron ore mine in Karnataka.
Benchmark share indices will take cues from overseas markets and domestic economic data in the week ahead. Later in the day yesterday, US non-farm payroll data for June will be released. The data may give indications on the timing of the tapering of the US Federal Reserve's monetary stimulus. On the domestic front, towards the end of this week, investors will focus on Consumer Price Index inflation for June and Index of Industrial Production for May, to be released by the Central Statistics Office. The bias for the domestic market is positive. The National Stock Exchange's 50-share Nifty is expected to find immediate resistance in the 5900-5910 range. On breaching this level, market participants expect the index to soar up to 6000 levels. Immediate support for the index is pegged at 5860, breaking which the next support for the index is in a band of 5750-5760 points.
Market might move in a range of 5760 on the downside and 5980 on the upper side. Bias remains positive for defensive stocks such as pharmaceuticals. Yesterday, the Nifty ended at 5867.90, up 30.95 points or 0.5% from Thursday's close. The index hit a low of 5858.45 and high of 5900.45. S&P BSE's 30-share Sensex closed at 19495.82, up 84.98 points or 0.4%, after testing a low of 19477.74 and high of 19640.27. MCX's SX-40 ended at 11625.88, up 60.30 points or 0.5%. Intraday, the index moved between 11560.97 and 11701.94. With the earnings season starting this week, investors will also start eyeing companies for their Apr-Jun numbers. Among Nifty companies, index heavyweight and information technology major Infosys will announce its result on Jun 12. Other companies declaring their result through the week include Geojit BNP Paribas Financial Services, Sintex Industries, IndusInd Bank and South Indian Bank, among others.
Among other stocks, Canara Bank is likely to be in focus as the bank will cut base rate by 30 basis points to 9.95% from Monday. Stocks of Reliance Communications will also be in focus as the company will mull unlocking value from its real estate assets and arms on Sunday. Sesa Goa may rise after it received clearance from the forest department for its iron ore mine in Karnataka.
