Indian stocks are likely to open higher and remain range bound as investors await RBI's stance on key policy rates at it's second quarter monetary policy review on Tuesday.
Benchmark US share indices ended nearly unchanged on Friday, shrugging off better-than-expected third quarter GDP data, as disappointing revenue and earnings growth from large US corporates and the Presidential election overhang continued to weigh on market sentiment.
The Dow Jones Industrial Average ended up 3.5 points at 13,107. S&P 500 ended down 1 point at 1,412 and Nasdaq Composite ended up 2 points at 2,988.
Stocks in Asia were trading firm today amid encouraging US GDP growth in the third quarter. The Nikkei was up 0.2 per cent after ending 1.3 per cent lower on Friday. South Korea's KOSPI was also up 0.2 per cent.
At 700 hrs IST the SGX Nifty was up 18 points at 5,721.
According to technical experts, after gyrating for over a week around its short-term moving average, the Nifty finally seems to have taken a decisive direction. The momentum oscillators are clearly in favour of the bears on the daily charts. Hence, the index may now attempt to break the lower end of the trading range - 5,625. On the upside, near resistance can be expected around 5,700. Today, the NSE index is likely to seek support around 5,645-5,630, while face resistance around 5,685-5,700.
Sesa Goa will be in action after it reported a consolidated net profit of Rs 522 crore for the September quarter compared with just Rs 1.28 crore last year.
JSW Steel said its net profit for the second quarter ended September 30, 2012 galloped to Rs 691.25 crore as against a net loss of Rs 669.32 crore. This net profit included Rs 423.77 crore of forex gains.
Among the major companies that are scheduled to announced their second quarter earnings later today include Bharat Heavy Electricals and Colgate.
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