Indian Markets Outlook for the week - 23.12.2013 - 27.12.2013
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K.Karthik Raja
Dec 23, 2013, 6:28:13 AM12/23/13
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Indian Markets Outlook for the week - 23.12.2013 - 27.12.2013
www.rupeedesk.in
Stock indices are seen trading with a positive bias next week, but volatility is likely to persist ahead of the expiry of the December derivatives contract on Thursday. Considering Friday's close, we expect benchmark index to inch higher in coming session also. Foreign institutional investors' activity is likely to be muted ahead of Christmas on Wednesday and the holiday season abroad. Market participants see the National Stock Exchange's Nifty facing stiff resistance at 6350 points.
We expect the Nifty to face resistance at 6300-6320 points. If the Nifty sustains 6320 points, only then would it rise further to 6400. Index would find support between 6100 and 6130 next week. Yesterday, indices ended up nearly 2% led by gains in index heavyweights, especially stocks of oil and gas companies.
Nifty ended above the crucial 6250-mark at 6274.25, up 107.60 points or 1.7%. S&P BSE's Sensex ended at 21079.72, up 371.10 points or 1.8%, while MCX Stock Exchange's SX40 ended at 12525.54, up 189.01 points or 1.5%.
Likely are positive on Reliance Industries, which ended up nearly 5% at 895.15 rupees, as the Cabinet Committee on Economic Affairs Thursday approved the company hiking the price of its KG-D6 block gas from April, subject to the company submitting a bank guarantee.
Stocks of Infosys will be in focus as Director V. Balakrishnan has resigned. Balakrishnan will step down on Dec 31, becoming the eighth top executive to leave Infosys after Narayana Murthy's returned to take charge at the helm. Today, Infosys ended up 1.1% at 3,551.35 rupees. Stocks of United Spirits may fall Monday on report that Karnataka High Court has declared its deal with Diageo as void. The stock ended up 1.1% at 2,670.40 rupees.
Stock indices are seen trading with a positive bias next week, but volatility is likely to persist ahead of the expiry of the December derivatives contract on Thursday. Considering Friday's close, we expect benchmark index to inch higher in coming session also. Foreign institutional investors' activity is likely to be muted ahead of Christmas on Wednesday and the holiday season abroad. Market participants see the National Stock Exchange's Nifty facing stiff resistance at 6350 points.
We expect the Nifty to face resistance at 6300-6320 points. If the Nifty sustains 6320 points, only then would it rise further to 6400. Index would find support between 6100 and 6130 next week. Yesterday, indices ended up nearly 2% led by gains in index heavyweights, especially stocks of oil and gas companies.
Nifty ended above the crucial 6250-mark at 6274.25, up 107.60 points or 1.7%. S&P BSE's Sensex ended at 21079.72, up 371.10 points or 1.8%, while MCX Stock Exchange's SX40 ended at 12525.54, up 189.01 points or 1.5%.
Likely are positive on Reliance Industries, which ended up nearly 5% at 895.15 rupees, as the Cabinet Committee on Economic Affairs Thursday approved the company hiking the price of its KG-D6 block gas from April, subject to the company submitting a bank guarantee.
Stocks of Infosys will be in focus as Director V. Balakrishnan has resigned. Balakrishnan will step down on Dec 31, becoming the eighth top executive to leave Infosys after Narayana Murthy's returned to take charge at the helm. Today, Infosys ended up 1.1% at 3,551.35 rupees. Stocks of United Spirits may fall Monday on report that Karnataka High Court has declared its deal with Diageo as void. The stock ended up 1.1% at 2,670.40 rupees.
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