 "Markets may open higher; Infosys, Sun Pharma in focus")
Benchmark indices are likely open in the positive territory tracking strength in the Asian peers. Also, with the corporate earning season coming to an end , investors will keenly watch out for the Union Budget 2015-16 for further clues.
"CNX Nifty opened gap up by around 25 points and consolidated near 8,820 levels for most part of the day on Monday. Although it snapped the gains of early trade in the last hour of the session led by a steep fall in Russian market but continued making higher highs - higher lows for the fourth consecutive day. After a choppy trade throughout the day it settled with the marginal gain of 4 points," points out a morning note from Anand Rathi Research.
"The index needs to hold above 8,770 levels to continue this momentum towards 8,880 and 8,920 levels while on the downside support exists at 8,770 then 8,700 levels. Traders need to be cautious as market is expected to be volatile ahead of the Union Budget," it adds.
"CNX Nifty opened gap up by around 25 points and consolidated near 8,820 levels for most part of the day on Monday. Although it snapped the gains of early trade in the last hour of the session led by a steep fall in Russian market but continued making higher highs - higher lows for the fourth consecutive day. After a choppy trade throughout the day it settled with the marginal gain of 4 points," points out a morning note from Anand Rathi Research.
"The index needs to hold above 8,770 levels to continue this momentum towards 8,880 and 8,920 levels while on the downside support exists at 8,770 then 8,700 levels. Traders need to be cautious as market is expected to be volatile ahead of the Union Budget," it adds.
GLOBAL MARKETS:
Asian equities tracked a mild bounce on Wall Street to edge higher on Wednesday, although caution over talks later in the day in the ongoing Greek debt saga limited gains.
Japan's Nikkei rose 0.9 percent, given an extra lift by a weaker yen and Australian shares gained 0.4 percent. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was steady.
U.S. shares gained modestly overnight, with the S&P 500 touching another record high, after hopes that Greece will make on an agreement on emergency loans sharpened risk appetite that was dulled by Monday's collapse in negotiations.
STOCKS TO WATCH:
City-based Cipla Hyderabad's Natco and US drug maker Mylan are among the companies in the fray to buy select brands of Sun Pharma that have been put up for sale by the companies as per an order of the Competition Commission of India.
In line with the strategy laid out by its Chief Executive and Managing Director Vishal Sikka, Infosys on Monday said it would buy Panaya, which provides automation technology, in an all-cash deal of $200 million (about Rs 1,244 crore).
In line with the strategy laid out by its Chief Executive and Managing Director Vishal Sikka, Infosys on Monday said it would buy Panaya, which provides automation technology, in an all-cash deal of $200 million (about Rs 1,244 crore).
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