Flat start as IIP data in focus - IIFL

The market fortunes are yet to show signs of improvement with the indices struggling for the eighth day in a row. In fact the Nifty is finding it hard to overcome the resistance of 5940. The opening is set to be flat to mildly positive with the focus on IIP numbers (expected above 1%) for December besides a host of results. The Nifty may remain in the 5850-5950 for a while.

The Asian markets are positive. Nikkei is up 2.3% while Hang Seng is marginally higher. Haruhiko Kuroda, who could well become the Bank of Japan governor, was quoted as saying that additional monetary easing can be justified this year. China and Taiwan remain shut. US indices closed a tad lower.

In the run-up to the budget, expectations are that the STT may be reduced further. With the FM hinting at steps to increase the delivery trade and taking measures to curb the shift in trading volumes to overseas markets, the market is expecting some positive announcements.

Source : Equity Bulls

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