Pre Open Thoughts: Courage That Matters!!!
Ø True stability results when presumed order and presumed disorder are balanced. A truly stable system expects the unexpected, is prepared to be disrupted, and waits to be transformed. All I can say is the only courage that matters is the kind that gets you from one moment to the next. The markets world over have been transformed It’s been raining gains on every street for few days. Coming back home Indian market continued its upsurge which started since the New Year with a magnificent rally yesterday.
Ø Corporate results have been mixed in the backdrop of a slowing economy. Focus will soon shift to the three key events to which will be the Union Budget, Rail Budget and the State Poll Election results.
Ø The opening looks flat again as Asian markets are up mixed. US stock indices dropped whereas European benchmarks advanced.
Ø Coal India and utility companies will be in focus after PM has directed company to sign agreements with the nation’s utilities for the first time since 2009 to boost supplies to plants facing a shortage of the fuel.
Ø Currency and bond markets in Mumbai are shut for a provincial election.
Ø Volatility is to be spiked again and may remain elevated so we suggest being remaining vigilant and nimble.
Ø According to our systems nifty has conquered the move from 5400 to 5600 levels as expected. A convincing close above 5550 along with good volumes on has reinforced positive momentum for the Nifty. The near term resistance for the Nifty is seen at ~5600 where some profit booking is not ruled out. On the way down, 5400 will act as a strong support.
Ø The Foreign institutional investors(FII’s) continued to be on the buying side with provisional figures for Wednesday stood at Rs 18.38 bn in the cash while the Domestic institutional investors (DIIs) were net sellers at Rs 3.13bn, as per the provisional figures released by the NSE.
Results Today: GlaxoSmithkline; Thomas Cook.
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