A quiet start and perhaps a steady close for the week is in the offing today. The key stock indices snapped a three-day losing streak but the advance came on low volumes. The breadth was negative. We expect a lackluster session and sideways consolidation in a tight range. There is no clear bias at this juncture amid macroeconomic concerns.
Avoid taking any directional calls just yet; wait for the current consolidation to settle. Maintain a disciplined approach in selecting stocks for investment. Technically, a breakout appears likely beyond 5,480. Support is expected to kick in around 5350. Derivatives data too is indecisive ahead of next week’s F&O expiry.
Kanimozi’s bail plea will come up for hearing today. If denied bail, she will be sent to Delhi’s Tihar jail. Reports also say that a combined team of CBI and ED will leave for Mauritius on Sunday to probe the money trail in the 2G scam.
Incidentally, ADAG shares have been weak in the past two days. ITC will be in focus as the FMCG giant unveils its Q4 results.
