Pre Open Thoughts: Slow & Steady!!!
Ø Focus on learning at various venues before you settle down for a steady position. It is difficult to really settle down as uncertainty prevails over a whole host of issues – domestic and global.
Ø Back home, the Indian economy is likely to grow by 6.9% in the ongoing fiscal year, coupled with a bloated fiscal deficit and slowing global growth hurt domestic investments and consumer demand. The current upswing may sustain for a few more days if FII inflows persist and overseas markets are supportive. Don’t lower your guard as yet.
Ø After a strong start to 2012, the equity markets are showing some signs of fatigue. Although the Nifty crossed 5400 last week, the frontline Indian stock indices seemed to struggle in their endeavour to move higher. World markets too lost some steam amid ongoing uncertainty over Greece.
Ø Though we feel the nifty can potentially go up to 5600 but we still continue to urge caution given the uncertain backdrop. According to us as mention in our previous notes the Indian indices may consolidate in medium term.
Ø On the way down 5300 level, may now act as strong positional support for the market.
Results Today: Sbin, Coalindia, Cipla, Sunpharma, IOC, SAIL, RPower, CESC, CastrolIndia, Merctor, LancoInfra, AmaraRaja, ShivaniOil, Renuka, Everonn, Monsanto, Arvindmills, GujNRE, SRF, Bombay Dyeing, Relmedia, Parsvanath, Ansal, UNSP, UBholdings
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