Outlook gets positive... for now - IIFL

Overnight the mood has changed for better powered by some better than expected corporate earnings in the US markets. The Dow gained half a percent while the Nasdaq was up 0.4%. The mood is positive at start for our market too which had succumbed to selling pressure on Wednesday as repeated attempts to surpass the resistance of 6020 was unsuccessful. The Nifty trading range has now expanded to 5900‐6100 in the near term.

Asian markets are providing the desired support. A rise in Japanese exporters has sent the Asian indices higher as the yen weakened after Prime Minister Shinzo Abe suggested to the central bank to double its inflation target. Domestic car sales fell 12.51% to 1,41,083 units in December last year compared with 1,61,247 units in the same month in 2011.

The Railway Minister has surprised by announcing an across-the-board passenger fare rise. Effective from January 21 midnight, is expected to add around 20% revenue to the railway kitty on an annualised basis.

Source : Equity Bulls

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