Regional markets rose after US IP rose more than forecast on back of abatement of harsh weather. Yellen addressing the Economic conference yesterday said Fed remains committed to economic recovery, employment and price stability. Business confidence and jobless claim data is due in US later today. With most markets – US, UK, Germany, HK, Singapore, Australia, India – closed for trading tomorrow, expect lower activity. China cut RR requirement for some Rural Banks as government tries to boost growth. Brent rose to 6 Week high on deteriorating situation in Ukraine.
Local market saw correction for 3rd day as investors continue to book profit. Fear that El Nino would have affect inflation limiting RBI ability to cut rates is also making investors nervous. With the electoral changes of simple majority for NDA increasing by the day, the market is readying for a LT bull market and any correction will be a buy opportunity. Initial corporate results are in line or better than expectations.
Watch Out for :
1. German PPI
2. US Initial jobless claims
3. Talks in Geneva to resolve Ukraine crisis
Nifty future is trading with 10 point gains in early morning trades on SGX.
Nifty View :Nifty opened on a -ve note & traded throughout the day with a -ve bias & closed 1% in the red. Till 6730 is not crossed, expect the index to witness profit booking upto 6610 zone. If crosses & sustains above 6730, can go all the way upto 6810. Put writing is seen @ 6700 and call writing @ 6800/6900
Corporate Action :
1. Q4 result…Crisil, GSK Pharma, HCL Tech, Wipro
2. XD…. Clariant Chem, Esab, Vesuvius
Short term Trading Idea : RIL, Tata Coffee, India Bull RE, SI Bank, Apollo Hosp, Jain Irrigation, Biocon
Investment Call : ICICI Bank, Oberoi Reality, Tech Mahindra, RIL, PI Ind, Motherson Sumi, AIA Engineering, Munjal Showa