Macroeconomic data to be in focus next week - HDFC Securities

Q3 December 2012 results of some prominent companies and macroeconomic data will be in focus next week. These include ONGC, JP Associates, Tata Power Company, Jindal Steel & Power, Tata Steel, Coal India, BPCL, Tata Motors, DLF, State Bank of India, GAIL (India) and Dr. Reddy's Laboratories. The Central Statistics Office (CSO) will unveil data on industrial production for December 2012 on Tuesday, 12 February 2013. Industrial production is seen rising 1.3% in December 2012.

The other data points are WPI, import-export numbers for the month and CPI. Benchmark indices may turn volatile in the coming week amid various economic data points to be announced. A host of results will continue to flow in. But the market looks unlikely to stage any major rally in the coming week.

Our downside targets for the Nifty are at 5,840. Any rallies in the coming week could find resistance at 5950-5980.

Source : Equity Bulls

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