The movement of the market may not make much sense. If you had gone to sleep worrying about the headwinds in store, this morning comes with an air of hope. Trading screens may see a lot more green today thanks largely to a smart recovery in offshore markets.
Today, we expect an upbeat start on the back of gains across global equity markets. Forecast of normal monsoon could rain in gains and strong export growth will add to the cheer. Corporate earnings are occupying a lot of mind space these days and will continue to do so in the coming days. HCL Tech and Yes Bank are the big numbers to watch out for today.
The Nifty managed to outperform its global counterparts and is still above the crucial 200-DMA level. It appears to have turned range bound and choppy. It may oscillate between 5700 and 5900 in the near term. However, the current trading pattern may change if the Nifty breaches this range.
Market breadth hasn’t been great of late, but stock specific action will prevail.
