*RUPEE DESK - India** Markets Outlook for the week (16-20.07.2012)* Domestic stock indices are likely to take cues from data on India's inflation in June, and the Apr-Jun earnings of companies next week. Monday is the day of the release of data on Wholesale Price Index-based inflation in June. Fears are that the already high inflation rate has inched upward in the month.The reading is expected to influence the Reserve Bank of India's first quarter policy review on Jul 31. However, see the Apr-Jun earnings of companies having a greater impact on stocks than the inflation data.
Yesterday, the National Stock Exchange's 50-share Nifty ended at 5227.25 points, down 8.00 points or 0.15% from Thursday, after moving between 5216.85 and 5267.15. The BSE's Sensex closed at 17213.70 points, down 18.85 points or 0.11%. Intraday, the 30-stock index touched a low of 17182.29 and a high of 17342.88. The Nifty is expected to trade in the range of 5200-5350 next week.The Index is now near a critical support of 5220 which is lower end of the channel it has been trading in over the past one month...a break below which would change the short term trend to down and the next immediate support for the NIFTY would be between levels of 5000-5050. Among Nifty heavyweights, Axis Bank, Bajaj Auto, Kotak Mahindra Bank, Dr Reddy's Laboratories, Hero MotoCorp, and Reliance Industries will detail their quarterly earnings next week. Bank of America-Merrill Lynch, in a report Thursday, agreed that the pace of earnings downgrades is slowing down. Bank of America-Merrill Lynch prefers stocks of companies in pharmaceutical and rate-sensitive sectors but is wary of fast-moving consumer goods stocks, which it finds expensive. By RUPEE DESK [email protected] www.rupeedesk.in -- You received this message because you are subscribed to the Google Groups "Kences1- Rupeedesk" 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.
