The markets are likely to remain volatile this week ahead of the August derivatives expiry on Thursday, August 30. Investors in India and overseas would be watching Q1 June 2012 GDP data, news out of Greece, a speech of Federal Reserve Chairman Ben Bernanke, and outcome of the monthly policy meetings of European Central Bank and Bank of England.
As long as the index sustains above 5,368, the Nifty can attempt to revisit 5,450-odd levels, feels technical analysts. However, sustained trade below 5,368, could see start of a correction with downside targets around 5,260-odd levels. The medium-term trend is likely to remain up as long as the index sustains above 5,260. Next week, the Nifty would look to seek support around 5,355-5,335, and face resistance around 5,415-5,435.
On Friday, US Markets climbed with the Dow ending up 100 points. In Asian markets, indices are trading with a positive bias, following US bourses. Hang Seng has added 0.3 per cent to 19,939. Nikkei is up around 1 per cent at 9,148.
At 700 am Indian Standard Time, the SGX Nifty was trading at 5417 up six points.
Stocks to watch
Among individual stocks, Automobile and cement stocks will be focus as companies from these two sector start unveil monthly sales volume data for August 2012 from Saturday 1 September 2012.
Ravi Uppal, president of the power division at Larsen & Toubro Ltd, is leaving the firm, said two people with knowledge of the matter. This may bring the stock in focus.
MRF may be in the limelight as the tyre manufacturer was looking at acquiring rubber estates to meet the company’s long-term raw material requirements and to bring down costs.
Cadila Healthcare or Zydus Cadila has announced the closing of a definitive agreement regarding re-launch of Kinlytic in North American markets with Canada based biotechnology player Microbix Biosystems Inc.
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