Coming week is likely to driven by the earning calendar : Amrapali Aadya

Mr. Abnish Kumar Sudhanshu, Director & Research Head, Amrapali Aadya Trading & Investments

Benchmark indices kicked off week on robust note. All the eyes remained glued over the optimism of June quarter corporate earnings and good monsoon rainfall. Gains further precipitated in the week led by gains in auto, IT along with technology stocks. During the week, sugar stocks remained in the limelight after the government hiked import duty on sugar prices. Benchmark Indices remained bullish before the start of earning season on Thursday i.e. IT bellwether TCS and Infosys. On Thursday, market surge after substantial fall in retail inflation and dovish comments from US Fed chair Jenet Yellen on interest rates. Jenet Yellen is not looking sudden interest rate hike since the US inflation is not sustaining at 2%, this has fuelled the rally on the upper side close to 9900. However, after getting the muted results from TCS and Infosys market went under the profit taking, but managed to close on the flattish note. Overall week remained jubilant for the stock market to end Nifty at 9886.

Coming week is likely to remain driven by the earning calendar. The big companies like Ultratech, WIPRO, CANFINHOMES, KOTAK BANK, ABB and HAVELLS are schedule to declare their Q1FY18 earnings. Apart from that Reliance AGM is also due on 21st of July, which is likely to fetch the limelight throughput the week. Overall, we are bullish for the coming week and expect Nifty to touch 10000 in the coming week. We are expecting earning season to standout good as last quarter Q4FY17 were slightly got impacted due to demonetization, while this quarter things were more or less smooth. Hence, expectations of rerating of stocks are likely to high. We advise investor to look for Reliance, DLF, Biocon, Cadila healthcare, Kotak Bank and Gail.

Source : Equity Bulls

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