Nifty might break out on quarterly results - Alex Mathews

The markets had opened on a positive note tracking global markets and took the northward route and touched an intraday high in the second part of the day and closed for the day in green near to the day's high. The US markets had crawled back into the green after the country saw good retain sales data. This helped the markets in the Asian front to open and trade positively.

We saw buying interest in auto, banking and consumer durable stocks. The markets in the European space too made gains shrugging off the concerns over debt problem in Greece. Also latest data showed that Germany's exports rose 5.1% in February compared to January 2010 while imports went up by just 0.2% in February.

The ECB, the other day, left the main refinance rate unchanged at 1% while BoE kept the bank rate unchanged at 0.5%. The US index futures reversed its moves and moved into the green indicating a positive opening for DOW and finally our markets came to a close bagging most of yesterday's lost gains and closed with Sensex up 1.23% and Nifty up 1.08%.

Individual gainers included HBStock, Alkylamine, Amar Jyothi, Shriram EPC etc while the losers were Sanwaria agro, Pradip overseas, Neocure etc. On Nifty Tata Motors made good gains as the company reported that the Land Rover brand had its best-ever monthly sales in the British market in March 2010. Paper stocks like JK Paper, TNPL, Star Paper etc too were on the upside.

From next week onwards we are going to see the quarterly results of the corporates pouring in with Infosys coming first. The results are expected to be good which gave the markets lower level support during the week. Also the investors will be watching out for preliminary first quarter GDP data for Asian countries in the coming week.

The markets are expected to get a break out in the first part of the coming week and a one sided rally can be seen after the quarterly result announcement of major companies.

Source : Equity Bulls

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