Pre Open Thoughts: Pleasant Performance!

Pre Open Thoughts: Pleasant Performance!

Ø The long hunger for gains has resulted in risk appetite picking up in equities during the past few sessions. After being on a slippery slope for Month of December, global stock markets are turning around. A lot of ground still needs to be covered. Whether the current recovery is sustainable cannot be ascertained. Wait for some more clarity and stability before committing larger amounts.

Ø Meanwhile, the start today is once again going to be on a positive note. All indications are pointing to the Nifty crossing the 5,050 mark in early minutes. Nifty Might Face resistance of 5100; and the rally can be sustainable if the Nifty closes above 5050.US equities rallied overnight and so did their European counterparts. Asian markets too have extended their gains.

Ø Nifty has entered the expiry week on a positive note with positive momentum and good volume participation on back of FII flows, which have improved in the past few sessions. All Focus will shift to RBI policymakers meet on Tuesday& Futures Expiry on Wed. Consensus is veering towards status quo on interest rates. Whether the RBI will cut the CRR is a mystery as of now.

Ø According to systems on Nifty 5100 and 5150 will act as a stiff resistance for the market in the near term as it will decide the trend reversal for the market .On the whole, the 4800-5150 trading range may stay intact in the near term.

Rollover Snapshot:

Ø NIFTY and Market wide rolls are at par with averages.

Ø On the Sectoral front TEXTILE, AUTO and INFRASTRUCTURE shown higher rollovers; Whereas TELECOM, Chem & Fert and CEMENT were laggards.

Ø Stock specific ALOKTEXT and COREEDUTEC shown above average rollovers whereas RUCHISOYA and BRFL were laggards.

Results Today: ITC, Wipro, RIL, AxisBank,JswSteel,HindZinc,UnitedsSpirits,RallisIndia,NIITltd,HCC,Syndicate Bank,Polaris,Exide Industries,PrajInds,Ipca,Aptech,BankOf Maharashtra,Mahindra Forfing,HTmedia,Tatametalics,WWIL