Indian Market Outlook for the week – 15 to 19.05.2017
Indian Market Outlook for the week – 15 to 19.05.2017
( www.rupeedesk.in )
Domestic share indices are expected to move in a narrow range next week as traders are likely to book some profits. However, much of the movement will be dictated by cues from the global equity market. Don't have a very negative view on the market. a fall or consolidation next week can be used for buying. Investors will also react to the retail inflation data, measured by the Consumer Price Index and the new Index of Industrial Production data are released later yesterday that India April WPI Inflation at 3.85% Vs 5.29% (MoM). April WPI Primary Articles Inflation at 1.82% Vs 3.98% (MoM). India April Combined CPI Inflation at 2.99% Vs 3.81% (MoM). India March IIP Growth at 2.7% Vs 1.9% (MoM). Technical analysts believe the benchmark indices are building in some negativity due to lack of momentum at higher levels. Will advise traders to not initiate fresh long position on the index next week. Yesterday, the 51-stock index ended down 21.5 points, or 0.2% at 9400.9 points. Stock-specific action is likely to dominate the equity market next week with about seven major companies reporting their Jan-Mar earnings. Stocks of Hindustan Unilever, Vedanta, Tata Steel, Tata Power, Bank of Baroda, Punjab National Bank and JK Tyre & Industries will hog the limelight as they report their Jan-Mar earnings. Titan Company's shares may fall after the company's Jan-Mar net profit missed analysts estimate. The company reported net profit of 2 bln rupees after market hours yesterday. Stocks of information technology firms are expected to outperform the benchmark indices next week as traders expect some bargain buying in the stock. Yesterday, the Nifty IT index ended 1.1% up at 10367.3 points. Pharmaceutical sector's stocks are expected to underperform next week. There is too much overhang in the sector right now to invest in it. Stocks of Tata Metaliks are expected to fall after the company said it will shut down some operations from May 15.
Source : Cogencis Information Services Ltd.
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Indian Market Outlook for the week – 15 to 19.05.2017
( www.rupeedesk.in )
Source : Cogencis Information Services Ltd.