Today, we expect a lackluster start due to mixed global cues. Markets in the US barely moved though European markets managed strong gains despite resurfacing of the jitters over Greece. Asian markets are mostly in the red. The NSE Nifty is likely to face resistance between 5350 and 5400. Support will kick in at 5200 in case of a fresh fall.
For the time being, the market’s motion somehow seems to have stalled. The key indices remain stuck in a range and a major breakout is not on the cards anytime soon. Earnings are mixed. The ones that are beating estimates are seeing some upgrades but those are few and far between. One may have to wait for an across-the-board 'market upgrade' for 2-3 quarters.
Coming back to motion, the Government will face some more music in parliament today. The opposition has called for a cut-motion on two Budget measures but reports suggest the UPA is comfortably placed in terms of numbers. F&O expiry and Fed meet are the events to watch out for later this week. The broader market will continue to hog the limelight as more results pour in.
