Market Outlook for the next week 09/06/2014 to 13/06/2014

Rallying for four out five trading session in the passing week, local equity markets accumulated massive gains of close to 5% and ended past record breaking 25,350 (Sensex) and 7,550 (Nifty ) levels respectively. 

In the coming week, market-participants will be tracking index of industrial production (IIP) figures for the month of April, slated to be released on June 12, 2014. India’s annual industrial output growth, measured by index of industrial production (IIP) contracted at 0.5% for March as compared to 9-month low figure of -1.9% in February. 

Besides, traders would also be eyeing May Consumer price index (CPI) data. The provisional annual inflation rate based on all India general Consumer Price Index (CPI) (Combined) climbed to three months high to 8.59% in April 2014 as compared to 8.31% in March and came worse than street's expectation of 8.48% figure for month under review. 

Additionally, street in the coming week will be keeping a close watch on Finance Minister Arun Jaitley’s meeting with state counterparts on Monday as part of pre-budget consultations, where discussion related to progress towards the proposed Goods and Services Tax (GST) would be held. The meeting would be important especially because of policy signal emulating from it, with Jaitley readying himself to present the Union Budget early next month. The minister would also hold consultations with the finance ministers of states and Union Territories on June 9. 

Furthermore, IMD‘s forecast on rains will be keenly watched. India's rainy season usually starts in the first week of June. With the majority of the country's agricultural land dependent on monsoon, disparity in the rains' arrival date can hamper plans for sowing summer crops such as rice, sugar cane, cotton and oilseeds. 

On the global front, investors would be eyeing slew of major economic data from world’s largest economy, United States, starting from Jobless Claims and Retail Sales data on June 12, followed by PPI-FD data on June 13, 2014. 

WEEKLY TECHNICAL LEVELS-INDICES-EQUITY 

NIFTY- PIVOT POINT                    7472 

MAJOR SUPPORT                 7351 7119 6998 

MAJOR RESISITANCE           7704 7825 8057 

SENSEX-PIVOT POINT                  25029 

MAJOR SUPPORT                 24638 23880 23489 

MAJOR RESISTANCE             25787 26178 26396 

USD/INR-NSE 

PIVOT POINT                               59.38 

MAJOR SUPPRT                   59.08 58.90 58.59 

MAJOR RESISTANCE             59.56 59.87 60.05