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Trade is expected to be rangebound next week, while Oct-Dec corporate earnings will keep action stock-specific. Indices will take cues from overseas markets on opening due to lack of fresh domestic triggers. Market participants expect the bias to be positive as the indices snapped a five-session losing streak today to end marginally higher, but they rule out a sharp upward movement due to absence of new positive catalysts.
The National Stock Exchange's 50-share Nifty is seen moving in the range of 5980-6200 points next week. Today, the index ended at 6089.50, up 15.80 points or 0.3% from Thursday. The S&P BSE's 30-share Sensex closed at 20513.85, up 15.60 points or 0.1%. MCX Stock Exchange's SX40 ended at 12264.55, up 19.79 points or 0.2%.
We expects Nifty to take strong support at 5985 next week and face resistance at 6200. If the index sustains above 6000, he expects a short-term rebound. Sector-wise, banks are likely to witness selling pressure. The public sector banks to trade with a near-term positive momentum due to cheap valuations and on hopes of asset quality stabilising after Punjab National Bank reported an improvement in its asset quality sequentially. However, the upside is likely to be limited as index-heavyweight State Bank of India's earnings are yet to be released. If Bank Nifty sustains above 9950 points, it may witness a pullback till 10650 points.
However, Nirmal Bang Securities expects banks, metals and capital goods to trade with a negative bias, while information technology and fast moving consumer goods are expected to continue their outperformance. Stocks in the telecommunications space will be in focus as the auction of spectrum in 1,800 Mhz and 900 Mhz band will commence on Monday.
Automobile companies will be in the limelight as their monthly sales for January are due next week. Investors will also keep an eye on the 12th Auto Expo 2014 starting Wednesday and ending on Feb 11. On the economic front, traders will look out for the advance estimate of gross domestic product for 2013-14 (Apr-Mar) to be detailed by the Central Statistics Office on Friday.
Investors will also eye India's manufacturing and services Purchasing Managers' Index for January to be released by HSBC on Monday and Thursday respectively. An extended winter session of parliament will also be watched. Earnings from Nifty companies Grasim Industries, Lupin, Bharat Heavy Electricals, Power Grid Corp of India, Ranbaxy Laboratories, Tata Power Co, Bank of Baroda will keep their stocks in action next week.
Trade is expected to be rangebound next week, while Oct-Dec corporate earnings will keep action stock-specific. Indices will take cues from overseas markets on opening due to lack of fresh domestic triggers. Market participants expect the bias to be positive as the indices snapped a five-session losing streak today to end marginally higher, but they rule out a sharp upward movement due to absence of new positive catalysts.
The National Stock Exchange's 50-share Nifty is seen moving in the range of 5980-6200 points next week. Today, the index ended at 6089.50, up 15.80 points or 0.3% from Thursday. The S&P BSE's 30-share Sensex closed at 20513.85, up 15.60 points or 0.1%. MCX Stock Exchange's SX40 ended at 12264.55, up 19.79 points or 0.2%.
We expects Nifty to take strong support at 5985 next week and face resistance at 6200. If the index sustains above 6000, he expects a short-term rebound. Sector-wise, banks are likely to witness selling pressure. The public sector banks to trade with a near-term positive momentum due to cheap valuations and on hopes of asset quality stabilising after Punjab National Bank reported an improvement in its asset quality sequentially. However, the upside is likely to be limited as index-heavyweight State Bank of India's earnings are yet to be released. If Bank Nifty sustains above 9950 points, it may witness a pullback till 10650 points.
However, Nirmal Bang Securities expects banks, metals and capital goods to trade with a negative bias, while information technology and fast moving consumer goods are expected to continue their outperformance. Stocks in the telecommunications space will be in focus as the auction of spectrum in 1,800 Mhz and 900 Mhz band will commence on Monday.
Automobile companies will be in the limelight as their monthly sales for January are due next week. Investors will also keep an eye on the 12th Auto Expo 2014 starting Wednesday and ending on Feb 11. On the economic front, traders will look out for the advance estimate of gross domestic product for 2013-14 (Apr-Mar) to be detailed by the Central Statistics Office on Friday.
Investors will also eye India's manufacturing and services Purchasing Managers' Index for January to be released by HSBC on Monday and Thursday respectively. An extended winter session of parliament will also be watched. Earnings from Nifty companies Grasim Industries, Lupin, Bharat Heavy Electricals, Power Grid Corp of India, Ranbaxy Laboratories, Tata Power Co, Bank of Baroda will keep their stocks in action next week.
