It’s
been a steady flow of news over the weekend and this week again
promises to be action-packed. Policy initiatives seem to be on track.
The Government cleared the RIL-BP deal and the Committee of Secretaries
has given an in-principle nod for allowing up to 51% FDI in multi-brand
retail. Some are circumspect as the Cabinet needs to accept the CoS
proposal.
During
the week we will have the RBI monetary policy and F&O expiry. RIL
results will be closely watched today. Besides a slew of global economic
statistics like US reports on housing sector, consumer confidence and
GDP, investors will keenly watch the corporate results of
companies like Maruti, Sterlite Industries, BHEL, Cairn India, JSW
Steel, HCL Tech, HUL, ITC ONGC, Sun Pharma, PNB, Titan, ICICI Bank, Idea
and PFC to mention a few.
The
Nifty may face some resistance between 5700 and 5800 while short-term
support is expected around 5500. The real test will be the 200-DMA
levels. FII flows will be crucial as well. The monsoon session of
Parliament will be another key event to keep on one’s radar.
