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IT Stocks Outlook for the Week – 09 to 13.02.2015
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( www.rupeedesk.in )
Benchmark indices are expected to be volatile in a week punctuated by data and events ranging from the outcome of Delhi Assembly elections to the release of figures on the country's gross domestic product, inflation, and manufacturing output.
Over the weekend, the market will also follow developments in Greece, as the country's prime minister announces his economic policies while taking the vote of confidence in Parliament. Stocks of power majors will be the worst hit. In its last stint leading the Delhi government, the Aam Aadmi Party had initiated a tirade against alleged overpriced tariffs by Delhi's power distribution companies owned by Tata Power and Reliance Infrastructure.
The election results will be announced on Tuesday. Market participants will also take cues from the Oct-Dec earnings of eight Nifty companies State Bank of India, Larsen & Toubro, DLF, Bharat Heavy Electricals, Bharat Petroleum Corp Ltd, Hindalco Industries, Mahindra & Mahindra and Cipla. As markets are likely to be choppy, advised avoiding high-beta counters in leveraged positions and prefer information technology and fast moving consumer goods stocks.
In the next week, the National Stock Exchange's Nifty faces resistance at 8775 points and has
support at 8565 points. Yesterday, the Index closed at 8661.05, down 50.65 points or 0.6%.
Banking, metal and automobile stocks will continue to weigh on the benchmark indices. The
market may gain support from commodity-based stocks, such as Reliance Industries, Cairn India, and Sesa Sterlite.
Among companies that announced their corporate earnings post market hours yesterday, NMDC may trade with a strong upward trend on Monday. Yesterday, the stock closed at 141.05 rupees.
Tata Chemicals is seen continuing its gains on Monday following the company's robust Oct-Dec earnings. On the other hand, stocks of GAIL (India) may decline, as the company reported lower-than-estimated earnings in Oct-Dec.
( www.rupeedesk.in )
