Local market has been seeing traders taking money off the table as markets scaled new lifetime high last wk. With the polling for ~80% seats behind, Investors await outcome to the general election which is expected to set the growth expectation in the coming years. Result season is off to a flying start with nearly 3/4th of the sensex companies that have announced results till date matching or beating analyst estimate. Nifty trades @ 14X FY15 E earnings which is reasonable. Meanwhile Car sales for the previous month disappointed with both Maruti and MnM reporting double digit contraction. 8 Core Infra Inds grew 2.5% in March 2014 vs 4.5% growth MoM
Watch Out for :
1.EZ Mfg PMI
Nifty future is up 23 points in early morning trades on SGX.
Nifty View :
Nifty is likely to see consolidation between 6610 – 6800. Immediate resistance is 6750 while 6675 is strong support for the intraday. Nifty traded in a volatile manner on Wed rallying initially only to face strong selling pressure and fall back before showing modest recovery. Having seen a sharp run up in the last 10 weeks, the index now seems likely to consolidate and trade in a range for next 2 weeks between 6610 – 6800 before seeing a significant move in either direction. Put writing is seen @ 6600/6700 and call writing @ 7000
Corporate Action :
1.Q4 Results ……Bharti, Dabur, Sesa Sterlite, TVS Motors besides others
2. XD…..Castrol, TVS Motor
Short term Trading Idea : Bharti Airtel, Lupin, KVB, Tata Coffee, LnT, SI Bank, Tata Comm
Investment Call : Apollo Hospital, ICICI Bank, Sun Pharma, Oberoi Reality, Motherson Sumi.