Today,we expect a slightly positive start as most Asian markets are in the green. Things should turn choppy again later in the day. Strength in brokerages has lifted China and Hong Kong after Beijing approved index futures. Chinese exports have rebounded and imports too have surged. Consolidation seems to be the name of the game as bulls seek a strong foundation amid uncertainty over the prospects for 2010. Bulls and bears both seem to be lacking conviction for the moment; perhaps waiting for further clarity on economic recovery and corporate earnings.
Events scheduled for this week and the month could help shape the opinion about the outlook in near future. IIP data for November will be out on Tuesday while the monthly inflation report is due out on Jan. 14. Infosys, TCS, Bajaj Auto, HDFC Bank, Axis Bank and UltraTech Cement will announce results this week. Later this month, the RBI and the Fed will hold policy meetings. The ECB meets on Thursday but is unlikely to alter its monetary policy just yet.
