Pre Open Thoughts: Measured movement!

Pre Open Thoughts: Measured movement!

Ø  We know that all roads are paved with good intentions. But on Dalal Street good intentions will get us nothing more than a ride down.

Ø  Market players are likely to remain skittish amid persistent FII selling and weakness in the rupee. Watch out for the IIP data today. Quarterly result-oriented action is likely to continue for a while as many companies are yet to announce their numbers. Global markets may continue to be driven by eurozone problems in the near term.

Ø  The IIP data for March 2012 will be important after the Government shockingly slashed January’s figures. Latest inflation report is due on Monday.

Ø  The start looks a bit indecisive, as investors digest a whole host of news. Asian stocks are mixed. European indices managed slender gains while US benchmarks ended flat.

Ø  As for the market, What could affect the mood is lingering worries over the deteriorating external environment . The Nifty is currently trading near the psychological support of 5000 and a closing below 4950  could take it down to 4750-4800 in the near term.

Ø  Meanwhile The monsoon is likely to hit southern India on time (in the first week of June), says India’s weather office.

Results Today: AstraZeneca Pharma, Aditya Birla Chemicals, Balaji Telefilms, Dr. Reddy's Labs, Federal Bank, Greaves Cotton, Hathway Cables, ICRA, Indian Bank, Moser Baer, MTNL, Oracle Financial Services, Tanla Solutions, Thermax and Torrent Power.

Global Data Watch today: China M2 Money Supply, China Consumer Price Index (Apr), China Producer Price Index (Apr), China Industrial Production, China Retail Sales, China Urban Investment (YTD) (Apr), Germany Consumer Price Index (Apr), UK Producer Price Index (Input) (Output), (Apr) (May), US Producer Price Index (Apr), US Producer Price Index ex Food & Energy (Apr) and US Reuters/Michigan Consumer Sentiment Index (May).