It's been a year since the market has bid farewell it its lows. Meanwhile, the Sensex has galloped by over 100% in a year; albeit with a couple of corrections. The story ahead doesn't appear as promising as yet. For the day, we don’t expect any broad movement as the sentiment has softened a bit. Global markets are also insipid to say the least. Given this backdrop, we expect a flat to slightly positive start and another anemic session. Select stock specific action may of course continue to hog limelight.
Technically, the NSE Nifty faces resistance at 5200 while support is likely to kick in at 5000. A break beyond this range is not expected anytime soon. Much will hinge on global cues and fund flows; also don’t forget local data points like IIP and inflation, which will be announced shortly.
Meanwhile, in Parliament, it has taken 14 long years for India to pass the Women’s Reservation Bill in Rajya Sabha. Even that was not easy as the Yadav troika put up stiff resistance. What’s more, the Bill is yet to be cleared by the Lok Sabha. The UPA seems to have lost the support of the SP and RJD. Hopefully, time will be the best healer by the time the Finance Bill comes for clearance later in Parliament.!"
