The markets are likely to open with a positive bias today. However, the sentiment can turn cautious ahead of the Reserve Bank of India’s review of the Monetary Policy due Tuesday. Traders will also be eyeing the progress of monsoon, corporate earnings and the rupee, which can impact the sentiment.
The NSE Nifty moved in a 130-point range last week and settled at 5,100. It is currently testing support around the 200-day daily, moving average (DMA) on the daily charts, technical analysts say. The momentum seems to have turned in favour of the bears, and is likely to remain bearish as long as the index remains below 5,160, they add.
In Asia, the Nikkei 225 index and the KOSPI moved up 0.6 per cent and 0.8 per cent, respectively on Monday. At 705 am Indian Standard Time, the SGX Nifty was trading at 5,168 – up 34 points.
Stocks to watch
Among individual stocks, HDFC, Maruti Suzuki, Punjab and Sind Bank and United Spirits will react to their respective June quarter results.
NTPC could also be in focus today on reports that production at three of the seven power generating units of the company in Bhagalpur district was stopped following inadequate supply of coal to the plant.
In earnings today, Allahabad Bank, Gail India, Havells India, Indian Overseas Bank and SpiceJet are some of the prominent companies that will announce their respective June quarter numbers today.
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