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The bias for local share indices is seen positive next week after the National Stock Exchange's 50-share Nifty ended at a two-week high yesterday. Trading volume may be thin and action relatively stock-specific due to low investor participation because of year-end holidays. Overseas markets will be eyed for cues early in trade. The rangebound movement in a tight range may be seen in the Nifty in the days ahead. The gradual upward movement may induce lot of buying momentum in stock specifics. The bias is positive also in the absence of any major negative news flows. Action is likely to be seen more in the mid- and small-cap spaces as mutual funds buy to perk up their net asset values at the end of the year. However, some market participants are quite optimistic and see the Nifty testing 6400 points.
We expect markets (Nifty) to continue its upward move to 6385-6400 levels in the next week. Yesterday, the Nifty ended at 6313.80, up 34.90 points or 0.6% from Thursday. Intraday, the index moved between 6289.40 and 6324.90. The S&P BSE's 30-stock Sensex closed at 21193.58, up 118.99 points or 0.6%, after moving between 21113.25 and 21235.14. MCX Stock Exchange's SX40 ended at 12589.02, up 55.76 points or 0.4%, after testing a low of 12528.85 and high of 12612.17. Stocks in the banking, pharmaceutical, metal, and information technology sectors are likely to trade positive next week. Automobile stocks will take cues from their monthly sales numbers that will be released on Wednesday and Thursday. Stocks of UPL will remain in focus on Monday as the company's board will mull a share buyback.
The bias for local share indices is seen positive next week after the National Stock Exchange's 50-share Nifty ended at a two-week high yesterday. Trading volume may be thin and action relatively stock-specific due to low investor participation because of year-end holidays. Overseas markets will be eyed for cues early in trade. The rangebound movement in a tight range may be seen in the Nifty in the days ahead. The gradual upward movement may induce lot of buying momentum in stock specifics. The bias is positive also in the absence of any major negative news flows. Action is likely to be seen more in the mid- and small-cap spaces as mutual funds buy to perk up their net asset values at the end of the year. However, some market participants are quite optimistic and see the Nifty testing 6400 points.
We expect markets (Nifty) to continue its upward move to 6385-6400 levels in the next week. Yesterday, the Nifty ended at 6313.80, up 34.90 points or 0.6% from Thursday. Intraday, the index moved between 6289.40 and 6324.90. The S&P BSE's 30-stock Sensex closed at 21193.58, up 118.99 points or 0.6%, after moving between 21113.25 and 21235.14. MCX Stock Exchange's SX40 ended at 12589.02, up 55.76 points or 0.4%, after testing a low of 12528.85 and high of 12612.17. Stocks in the banking, pharmaceutical, metal, and information technology sectors are likely to trade positive next week. Automobile stocks will take cues from their monthly sales numbers that will be released on Wednesday and Thursday. Stocks of UPL will remain in focus on Monday as the company's board will mull a share buyback.
