Pre Open Thoughts: Friday the 13th

Pre Open Thoughts: Friday the 13^th

Ø The thought of Friday the 13th need not worry you. Nifty undergone wild volatility throughout the week and It was a sluggish week. Yesterday as the market closed in the with slim gains, reflecting worry and nervousness has still not left the street as India market struggle to tackle the menace.

Ø Back home IIP data has been pretty erratic over the past few months, raising doubts about the accuracy of the numbers. Even the RBI governor had expressed his exasperation about the wild fluctuations in IIP data. The reliability of economic statistics is under serious threat. Still, the downbeat IIP numbers have increased the odds of a rate cut on April 17.

Ø Coming back to today’s action. We see a timid start .On Nifty 5300 is the level to watch . Decisive Break above this level might take nifty upto 5300-5380 levels. We expect a grinding session owing to external uncertainties.

Ø U.S. stock futures surged while most Asian markets are higher this morning.

Ø All eyes will be on Inflation as the government will unveil data. Besides, all eyes are set on IT bellwether Infosys March Q4, 2012 result which the company will announce it today. More than the Q4 results, market and analysts will focus on its FY13 guidance.

Ø The FIIs were net buyers of Rs 1.35bn in the cash segment on Thursday while the domestic institutional investors (DIIs) were net buyers of ~Rs 2.37bn, as per the provisional figures released by the NSE.

Global Data Watch today:

China's Q1 GDP, China's industrial production, China's retail sales, Bank of Korea policy meeting, Germany CPI, UK producer price index, US consumer price index and US consumer sentiment.