The markets may see a firm opening on account of the positive cues from the global markets following yesterday's 350 points gain. The SGX Nifty is trading up 39 points or 0.6% at 5,913.
The positive sentiment seen is the market is mainly due to the in line with the expectation results (except Infosys) declared thus far coupled with the India Meteorological Department's announcement of a normal monsoon season this year. As a result there is some hopes in slowing down of food inflation and a boost in rural income. Auto stocks too gained on expectations of an increase in rural demand for trucks and tractors.
Angel Broking in its morning market outlook report states that the trend deciding level for the day is 19,376/5,823 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,580–19,689/5,886–5,921 levels. However, if Nifty trades below 19,376/5,823 levels for the first half-an-hour of trade then it may correct up to 19,266–19,062/5,788–5,725 levels.
On the Asian front, all the indices except KLSE Composite are trading in the positive. Hang Seng, Seoul Composite and Taiwan Weighted up 1% each are the top gainers followed by Shanghai Composite and Nikkei gaining 0.5% each.
The stocks to watch out for the day are Reliance Industries, HCL Infosystems, Reliance Communications, TCS, Unitech and DB Realty.
