The passing holiday truncated week was largely unproductive one for Indian equity markets, which ending flat, settled above the crucial 22,600 (Sensex) and 6750 (Nifty) levels respectively. In the coming another holiday truncated week, a lot of volatility is expected on account of F&O expiry on April 23, 2014, i.e. Wednesday. Expiry session which usually happens on Thursday will be held a day early as stock market remains closed on Thursday, on account of Parliamentary elections in Mumbai constituency.Meanwhile, next batch of Q4 and year ended FY 2014 results will dictate near term trend on the bourses. A number of prominent companies are scheduled to announce their earnings, including, Hindustan Zinc, HDFC Bank, LIC Housing Finance, MRF, L&T Finance Holdings, Mastek, Cairn India, Ultratech Cement, Yes Bank, ACC, Biocon, Ambuja Cements, Axis Bank, South Indian Bank, Exide Industries, ICICI Bank, IDFC, Siemens among others. However, markets will take opening cues from earnings of index heavyweight Reliance Industries, which was scheduled to be released on local holiday on Friday, i.e. April 18. Besides, trend in investment by foreign institutional investors and the movement of rupee against the dollar will be closely eyed by the investors. Foreign institutional investors have so far pumped in a staggering Rs 6783.5 crore in the Indian stock market this month, primarily on hopes of a strong reformist government after the general elections; provisional data from SEBI shows. On the global front, investors will be watching for slew of economic data from world's largest economy, United States, starting from Existing Home Sales data on April 22, followed by New Home Sales data and finally, the Durable Goods Orders and Jobless Claims data on April 24, 2014.
WEEKLY TECHNICAL LEVELS-INDICES-EQUITY
NIFTY- PIVOT POINT 6748
MAJOR SUPPORT 6678 6580 6509
MAJOR RESISITANCE 6846 6917 7015
SENSEX-PIVOT POINT 22540
MAJOR SUPPORT 22286 21944 21692
MAJOR RESISTANCE 22882 23135 23477
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