Pre Open Thoughts: Confidence on the Street!!
Ø Time is a dressmaker specializing in alterations. The market will hope nothing goes wrong soon. Investors will closely watch the next batch of Q3 December 2011 results, which is likely to dictate the near-term trend on the bourses. On the macro front, all eye will be on Annual GDP estimates which is due tomorrow and data on industrial production for January 2012 on 10th Feb. FII inflows continue to be strong.
Ø A firm trend across the globe account of which opening is likely to be a positive one. Wall Street had a nice rally as U.S. stocks leapt propelling the Nasdaq Index to an 11-year high embraced by the nation’s jobless rate dropping to a three-year low, where as there was a substantial recovery in European stocks too. Asian markets are in good shape as well.
Ø Though there will be some jubilation in the banking stocks as it has been reported that the finance ministry will infuse Rs 18,000 crs in the current fiscal in 12 banks.
Ø Reports also suggest Reserve Bank of India has partially lifted the curbs on bank’s foreign exchange transactions; imposed after the rupee came under attack from currency speculators in December. The banking pack could see some buying for the day.
Ø Telecom stocks too will be in action as the issues related to the 2G case. On Saturday SC dismissed the petition against co-accused Chidambaram in 2G scam on not finding guilty.
Ø On the political front, seven-phase polling for assembly elections in Uttar Pradesh began on Saturday, 4 February 2012.
Ø According to systems the underlying trend continues to remain up. Nifty is likely to hit our target of 5400 on open we suggest booking some profit at these levels. Though we still remain bullish on the Indian market on a longer term perspective, and there could be a trend reversal only on break of 5050 on Nifty.
Results Today: HLL, AdaniPort, NationalAluminium, AdaniPower, MOIL, DenaBank, IndiaCements, BGREnergy, Trent, GlaxoSmithKline Consumer Healthcare, Bajaj Electricals, Gujarat Industries Power Co., Kesoram Industries, Kilitch Drugs (India), Jubilant Life Science, Gulf Oil Corp, Dhampur Sugar Mills, Fedders Lloyd Corp., India Glycols, Texmaco Rail & Engineering
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