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Market Commentary
Eventful week - IIFL
Posted On : 2013-02-16 09:55:03( TIMEZONE : IST )
The week was eventful as far as data flow was concerned but uneventful in terms of movement of indices as the Sensex and Nifty shed ~0.5%. IIP for the month of December contracted 0.6%. The dreary IIP came on the back of last week's GDP estimate that India's economic growth be of 5% this fiscal. The macro economic data hurt hopes of a recovery in economic growth but strengthened the case for a rate cut by RBI.
A raft of results also kept market players busy. Some hit the bull's eye others missed the target. Disappointing results from the index heavy weights like SBI, Tata Steel and JSW Steel dampened the sentiment. FII flows continue unabated this year.
US Market would remain closed on Monday, February 18 on account of President's Day, which is also a public holiday. UK unemployment figures set to be released on 20th February would be watched. Crucial data from around the world is lined up for 21st February which would give global investors an outlook on world economy and where it is headed. On 21st February Consumer Price Index and Jobless claims and PMI manufacturing Index in US, France and Germany would help investors peg the job market and the state of economy. In short, expect a lull before the Budget.
Markets extended is loosing streak for third consecutive week but managed to hold its important support of 5860 despite intense selling pressure from mid cap universe. As Nifty has been trading into extreme oversold condition, chances of further decline remains unlikely. Adding to it, with distress selling in the broader markets, investors sentiment has dampened significantly and with market trading light ahead of budget, sharp rally towards 6050 is not ruled out.
Nifty closed in the vicinity of 5900.Bank Nifty witnessed short covering in the second half of Friday's trade. The Highest Open interest for put is at 5900strike and that for the Call is at 6200. Call Buying was seen in Nifty 5900 strike, while put unwinding was visible at 5900strike. The VWAP for Nifty future is at 5965,while that for the Bank nifty future is at 12505. We expect Nifty to trade in the range of 5830-6000 in short term.
