Pre-Market: Markets likely to consolidate
The markets are likely to be range-bound this week amid apprehensions of fallout of the CAG reports, retail inflation numbers and the
government asking banks to cut interest rates and make EMIs affordable.
Analysts also suggest that the investor sentiment may be guided by the government moves to push reforms and attract investments once the markets open on Tuesday – Monday being a holiday on account of Eid.
The overall bias for the Nifty would continue to remain positive, as long as the index sustains above 5,260, technical analysts say.
According to daily charts, the near-term support seems to have risen to 5,300-odd levels. On the upside, the Nifty seems to be on course to touch 5,450 – the higher end of the Bollinger Band on the weekly charts.
On Monday, US bourses ended flat with the Dow closing at 13,272 and Nasdaq slipping to 3,076. With little economic news on the agenda this week, investors will keep an eye on the Federal Reserve. Investors will also look for clues about whether quantitative easing could be coming when chairman Ben Bernanke speaks at a Jackson Hole at the end of the month.
In Asian markets, indices slipped as China housing data continued to disappoint invetors. Nikkei shed 25 points to 9,146. Shanghai
Composite dropped half a per cent in early trades.
At 700 am Indian Standard Time, the SGX Nifty was trading at 5,349 -down 3.5 points.
Among individual stocks, Maruti Suzuki could be in focus as the month-long lockout at the Manesar plant will be lifted on August 21
and partial production is likely to resume.
Retail stocks could also be in the limelight on reports that the government is set to notify 51 per cent multi-brand retail FDI in
Kingfisher Airlines faced fresh trouble on Saturday with a section of pilots going on strike, demanding immediate payment of salaries for March, resulting in the cancellation of 19 flights.
Ranbaxy has launched generic pioglitazone hydrochloride tablets used for treating diabetes in the American market. This could bring back the stock in focus today.
No Related Stories Found