Nifty Outlook by Marketmagnify.com |
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Fundamental view
Finally, The Indian market had a very good week. Disappointing IIP and inflation reports were more than offset by positive news from Infosys. The IT major not only reported better Q2 earnings but also boosted its guidance. RIL results will be watched after the stock's advance on Friday. TCS is another stock to watch out for along with a number of other top names as the earnings season accelerates.
Technical View
Nifty is currently placed at horizontal resistance line. It has been trading between 4,720-5,170 since second week of August 2011.Thrice it has retreated back from the above mentioned resistance line. Nifty needs to cement its position above 5,170 levels with formation of higher top and bottom on the daily chart, before confirming any reversal signals. If the support of its 50-DMA is violated (5,019), it could result into downside and drag the index down to 4,900 over the medium term.
Sentimental F&O view
Bank Nifty shorts which had piled up from the start of October series are yet to witness short covering; instead parallel long positions at average price of 9450 are been seen. We expect short covering at 9820 which also happens to be 2month VWap. On Nifty options front, writing was seen in 5100put and on call side5300strike. With FII been net buyers in Index future as well as Cash segment 5250 is quite likely on Nifty before expiry.
News effecting Indian markets.
Inflation softens to 9.72% in September.
India's annual inflation decreased in September from the previous month, data released by the Government showed on Friday. Inflation, as measured by the wholesale price index (WPI), fell to 9.72% in September from 9.78% in September, the Union Commerce & Industry Minister said. Average expectation was for inflation to ease to 9.7%.
India's industrial output grows 4.1% in August.
India's industrial production grew at a lower-than-expected pace in August. The factory output, as measured by the index of industrial production (IIP), grew by a modest 4.1% in August versus 4.5% in the same period a year earlier. The reading was lower than the consensus estimate of 4.7-4.8%.
Infosys consolidated Q2 PAT up 10.7% QoQ.
Infosys Ltd. announced consolidated net profit of 19.06bn as compared to 17.22bn in the
previous quarter. The company has posted consolidated net sales at 80.99bn as compared to 74.85bn in the previous quarter.
Sarkozy and Merkel agree to recapitalise European banks.
French President Nicolas Sarkozy and German Chancellor Angela Merkel have reportedly agreed to recapitalize Europe's banks without clear details. Details would be decided at a future meeting. The package will be revealed by the end of the month.
Police starts evicting striking Maruti workers
Police started efforts to evict about 1,500 striking workers at its Manesar plant following directions from the Punjab and Haryana High Court.
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