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Telecom Stocks Outlook for the week – 12 to 16.01.2015
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Indices are seen consolidating next week, with corporate earnings for Oct-Dec likely to provide directions to the markets. The earnings season was kicked off today by Information technology bellwether, Infosys.
The markets will also watch overseas markets for further cues, and are awaiting the US nonfarm payrolls report, and industrial production data for Germany. For India, the index of industrial production, Consumer Price Index-based inflation and Wholesale Price Index-based inflation data due next week is seen lending cues to the market.
The National Stock Exchange's Nifty is seen support at 8151-8167 levels, and facing resistance at 8320, and further at 8380. Indices are most likely to stay range bound, with buying at lower levels and selling pressure close to the resistance expected to keep them within these levels.
The 50-share Nifty ended at 8284.50, up 49.90 points or 0.6%, after touching a high of 8303.30 points and a low of 8190.80 points. The S&P BSE's 30-share Sensex closed at 27458.38, up 183.67 points or 0.7%, after trading between 27119.63 and 27507.67.
In sector-specific movement, information technology, which underperformed the market in the past few weeks, is seen advancing after the firm third quarterly earnings posted by Infosys.
Metal stocks are expected to remain weak as commodity prices remained under pressure, and official data from China showed its producer price index dropping 3.3% on year in December, the 34th straight month of decline. China is the largest base metals consumer in the world, and its economic health influences volumes of metal companies.
The movement, however, will primarily be stock specific. based on Oct-Dec results of respective companies.
IndusInd Bank, Tata Consultancy Services, Axis Bank, Reliance Industries, and Wipro are the Nifty constituents scheduled to report their earnings next week.
CMC, Can Fin Homes, DCB Bank, Lakshmi Vilas Bank, LIC Housing Finance, Network18 Media &
Investments, Yes Bank, Bajaj Auto, Cyient, Oberoi Realty are a few of other companies also reporting their earnings in the coming week.
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