India Stocks Outlook: NSG meet, oil prices to give cues next week Saturday, Sep 6
Next week, key share indices are seen taking cues from the outcome of Nuclear Suppliers Group meet regarding the Indo-US nuclear civilian deal, which ended yesterday. There are mixed views in the market on the (NSG) waiver issue. Some expect it to come in favour while some do not. More or less market expects it to be inconclusive as there are a lot of loopholes in it. In case the NSG meet does not have a favourable outcome, market could see further downside, whereas a positive outcome could boost share prices in short-term. One can expect rally in Areva T&D in case of positive outcome (from the NSG meeting). Movement in overseas markets and crude oil prices will also be key determinants of market direction. Sensex ended at 14483.83, down 415.27 points or 2.8% from Thursday. Nifty closed at 4352.30, down 95.45 points or 2.15%. India VIX or volatility index rose 4.55% from the previous session. Next week will be very crucial to decide on market trend. If Sensex breaks 14000 and Nifty 4200, we could see a big downward move in market. We see resistance for Sensex and Nifty at 15100 and 4522, respectively. Bank shares are likely to remain range-bound. Bank stocks will be eyed as there are lot of banking and insurance reforms expected. We are particularly looking at PSU (public sector unit) banks. Bank of India looks a safe bet at around 240-rupee levels. Other bank shares that one can buy at lower levels are State Bank of India, ICICI Bank, and Axis Bank. However, any upside is likely to be capped, as there are still some market rumours of a rate hike doing the rounds. If Nifty cross 4522, one can resort to selective buying in stocks like Tata Power, NTPC, and Housing Development & Infrastructure. B.Karthick Research Analyst. --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
