India Stocks Outlook: Likely up Mon; mid-cap shares to gain

[K.Karthik Raja]

India Stocks Outlook: Likely up Mon; mid-cap shares to gain
Friday, Mar 28

MUMBAI - Improvement in investor confidence and firm Asian markets
are likely to help Indian shares to rise further on Monday,
We have been able to hold on to gains and Asian markets were
strong yesterday, despite a sharp fall in U.S. (Thursday). Also,
market breadth has increased considerably and there's more momentum in
buying.
Movement in U.S. and Asian markets will be eyed for cues.
Key share indices posted weekly gains for the first time this
month, even shrugging off an alarming rise in inflation rate to 6.68%
for the week to Mar 15.
Corporate earnings for Jan-Mar will be the next big trigger
for stocks, as the fourth quarter is traditionally the best for local
companies.
All eyes will be on Infosys Technologies, which will detail its
results for Jan-Mar on Apr 15.
We reiterate that corporate earnings will continue their double-
digit
rise, as the India growth story has not run its course yet.
Sensex closed at 16371.29, up 355.73 points or 2.2% from
Thursday. Nifty ended at 4942, up 111.75 points or 2.3%.
Initially, the trend is likely to remain positive in the beginning
of the
week and 5057 would be the crucial resistance for Nifty
The index facing its first resistance at 5020 and then at 5057,
while the support is pegged at 4910 and then at 4865. The Sensex
could claw its way back to 16900 level next week.
Mid-cap shares are likely to rise as investors have been picking
up these stocks after they were battered in the recent market
correction.

K.Karthik Raja
www.kences1.blogspot.com