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Indian equities will take cues from corporate earnings and the second half of the Budget session of Parliament next week. Any clarity on land acquisition bill and GST (Goods and Services Tax) will be encouraging. The second half the Budget session will start on Monday. The sentiment remains weak after the sharp decline in the last three sessions.
Moreover, data released after market hours last week showed that the country's trade deficit
increased to $11.79 bln in March from $10.95 bln a year ago. Exports during the month fell 21.1% on year to $23.95 bln and imports declined 13.4% to $35.74 bln.
The weak data is seen adding further pressure to the indices on Monday. For the next week, National Stock Exchange's Nifty is expected to move in the range of 8400 and 8750 points next week.
Yesterday, the 8700-call option added over 1 mln in open interest. The 8700- and 8800-call options held the maximum open interest, indicating stiff resistance for the index around these levels. Though defensive counters are also witnessing excessive volatility these days but they are still better in comparison to high beta midcap counters for trading. On the earnings front, HCL Technologies, HDFC Bank, YES Bank, Cairn India, Infosys, and Wipro are Nifty constituents detailing their Jan- Mar earnings next week.