Indian Markets Outlook for the week – 20 to 24.04.2015
( www.rupeedesk.in )
Indian
equities will take cues from corporate earnings and the second half of the
Budget session of Parliament next week. Any clarity on land acquisition bill
and GST (Goods and Services Tax) will be encouraging. The second half the
Budget session will start on Monday. The sentiment remains weak after the sharp
decline in the last three sessions.
Moreover,
data released after market hours last week showed that the country's trade
deficit
increased
to $11.79 bln in March from $10.95 bln a year ago. Exports during the month
fell 21.1% on year to $23.95 bln and imports declined 13.4% to $35.74 bln.
The
weak data is seen adding further pressure to the indices on Monday. For the
next week, National Stock Exchange's Nifty is expected to move in the range of
8400 and 8750 points next week.
Yesterday,
the 8700-call option added over 1 mln in open interest. The 8700- and 8800-call
options held the maximum open interest, indicating stiff resistance for the
index around these levels. Though defensive counters are also witnessing
excessive volatility these days but they are still better in comparison to high
beta midcap counters for trading. On the earnings front, HCL Technologies, HDFC
Bank, YES Bank, Cairn India, Infosys, and Wipro are Nifty constituents
detailing their Jan- Mar earnings next week.
