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Metal Stocks Outlook for the week – 19 to 23.01.2015
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Stock indices are seen extending gains next week provided overseas markets, which witnessed
sharp declines following Switzerland's surprise move to scrap the cap on the Swiss Franc's
exchange rate against the euro, do not turn up any unpleasant surprises. Prices of crude oil and
other commodities, which remained under pressure this week, will also be watched by market
participants.
The National Stock Exchange's Nifty has strong resistance at 8550, which it is seen testing in the
coming week. On the lower side, it will draw support at 8380 levels. The 50-stock index ended at
8513.80 after a volatile session, up 19.65 points or 0.2% from Thursday's close, and moved in
the range of 8530.75 and 8452.25 points intraday.
The S&P BSE's Sensex ended at 28121.89, up 46.34 points or 0.2%, and ranged between
28176.10 and 27945.31.
Greece elections, to be held on Jan 25, may set the tone for global markets, and in turn India,
next week. Any indications of the anti-bailout Syriza party coming to power may dampen
sentiment for equity markets.
Public sector banks, led by majors State Bank of India, Punjab National Bank, and Bank of
Baroda, may see further profit booking after rallying on Thursday following the rate cut.
The fast moving consumer goods and pharmaceutical sectors will be in focus as investors will
look to shift to safer bets amid volatility in global markets. ITC and Hindustan Unilever, are
scheduled to detail their third quarter results next week, and will remain in focus.
However, information technology companies may remain subdued after Tata Consultancy
Services reported disappointing Oct-Dec performance on Thursday, and due to a further
appreciation in the rupee against the dollar. However, are bullish on housing finance companies
following the rate cut.
In case overseas markets stabilise and offer only favourable cues, the market will largely see
stock specific movement, with selective buying in rate sensitive sectors such as private sector
banking, housing finance, and capital goods companies.
Kotak Mahindra Bank, ZEE Entertainment Enterprises, Cairn India and Ultratech Cement are
other Nifty constituents that will report their earnings next week.
Indiabulls Housing Finance, Mindtree, Rallis India, KPIT Technologies, L&T Finance Holdings,
Biocon, Muthoot Finance, Polaris Consulting Services, PrestigeEstates Projects, Colgate-Palmolive (India), Coromandel International, and Kolte-Patil Developers are others that will report their earnings next week.
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