The Indian equity market appears set to establish its hold. For all those who wake up trying to track how the Nifty is performing on the Singapore Exchange, there will probably be another breed of investors who will now stay awake to watch the Dow and S&P500 being traded on our exchange.
Meanwhile, stocks appear to have settled into yet another consolidation phase with no substantial newsflow to trigger direction. Traded volumes have been a bit disappointing even as flows from FIIs have improved. The post Budget feel-good factor which actually co-incided with global optimism seems to have ebbed slightly. For lack of other things, fourth quarter results, RBI’s annual policy meeting and monsoon could provide fresh direction going ahead.
Today we expect flat to a slightly higher start. US indices have gained overnight. European stocks too advanced while Asian markets are mostly in the green zone. On the technical front, 5150 is proving to be a tough resistance for the NSE Nifty. On the down side, strong support is expected at 5,000.
