This week market may continue its bullish trend
Last week Sensex gained +134 points or +0.76% to 17692 and Nifty gained +30 points or +0.57% to 5290 in the week ended 1-4-2010. This week market made new high after year 2008. As we told we are bullish on market and see nifty crossed 5303 level and reached to 5344. Now from current level nifty may rise upto 5492 level with high volatility due to 4th quater results will be announced.
Stock-specific action may rule the roost in the near term based on expectations of Q4 March 2010 results. IT bellwether Infosys kickstarts the reporting season on 13 April 2010. Strong foreign fund flows may support the market. As per data from the stock exchanges, foreign institutional investors (FIIs) bought stocks worth a net Rs 14,792.31 crore in March 2010.
At the beginging of the week Asian investors will react to the influential US non-farm payrolls data for March 2010 due on Friday, 2 April 2010, when the world stock markets are closed on account of Good Friday. Data on Wednesday, 31 March 2010, showed private-sector employment declined in the month. Asian stocks rose to an 11-week high on Thursday, 1 April 2010, as China's manufacturing industry picked up and foreign buying boosted the technology-heavy markets of Taiwan and South Korea.
Closer home, cement and steel stocks will be in focus as companies from these sectors announce their March 2010 sales figures.
Telecom stocks will also be in focus ahead of 3G spectrum auction. All the nine players, including Bharti Airtel and Reliance Communications, who had applied for participating in 3G spectrum auction, have been cleared for the financial bidding. Before the final auction on 9 April 2010, there will mock auctions on 5 April and 6 April 2010. Operators, however, can start commercial launch post 1 September 2010 only.
The forecast for the southwest monsoon for 2010 is the next major trigger for the market. Good rains this year after last year's drought will boost farm output and rural incomes. But another monsoon failure will add to inflationary pressure which in turn may hamper the current strong economic rebound.
Tokyo-based Research Institute for Global Change has predicted normal monsoon rains in India for the current year. Agriculture secretary Prabeer Kumar Basu had also told media in Delhi last week that the monsoon rains for the year will be normal. The Indian Meteorological Department (IMD) issues a monsoon forecast, usually in the second half of April after considering weather observations in different parts of the world and extrapolating statistical data.
A weakening El Nino is a positive sign for the monsoon, Ajit Tyagi, director general at the India Meteorological Department, said on 18 March 2010. The cyclical heating of the Pacific Ocean known as El Nino will continue to fade, US forecasters said this month. The weather event, which occurs every four to seven years, brings more rain to South America and less precipitation to Asia. (Curtsy : Capital market)
| INDEX (WEEKLY) | THIS WEEK CLOSE | PREVIOUS WEEK CLOSE | PERCENTAGE CHANGE |
| SENSEX | 17692.62 | 17558.85 | +0.76% |
| NIFTY | 5290.50 | 5260.40 | +0.34% |
NIFTY WEEKLY CHART
Weekly NIFTY SUPPORT 5245 AND RESISTANCE 5345
NIFTY FUT. (5307)
Buy above 5369 Target ????
Sell below 5240 Target ????
For SL and Targets Levels - SUBSCRIBE Nifty Calls AT : www.marketcalls.net
and enjoy many more things.... (See Subscribe menu to subscription details)
-Always Remember, put SL in your every trade.
-How to follow our calls on Click Here
-Read Disclaimer at Click Here
Rupesh Yatesh Dalal
Head Research Team
www.marketcalls.net
