Pre-market: Profit-booking on the horizon

The Indian markets could see some profit booking this week as the Sensex ended higher for the fourth straight week this year, up three per cent at 17,234. In the near term, the markets may now turn choppy, given the near overhead resistance and overbought conditions on the daily charts, analysts suggest.

Asian shares inched lower and the euro eased on Monday, as markets cautiously tuned in to a likely debt swap deal for Greece that is crucial to avoiding a messy default and eyed another European summit meeting. Uninspired gross domestic product figures from the United States.

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.2 per cent after hitting its highest since late October earlier.

Back home, technical analysts suggest that the Nifty could face resistance around 5,280 – 5,325 levels, while it may find support around 5,130 – 5,080 levels. At 710 am Indian Standard Time, the SGX Nifty was trading at 5,187 levels, down 26 points.

Among individual stocks, NMDC is likely to react to reports that the company is planning to two Australian-based firms.

Himatsingka Seide has reported a net profit of 11.2 crore for the December quarter, compared with a loss of 8 crore during the previous corresponding period. This will bring the stock back in focus today.

BHEL and NTPC are also likely to react to their respective December quarter results that were announced post market hours on Friday.

Dr Reddy’s Laboratories could also be in limelight on reports that the company has resolved all issues raised by a division of US health regulator over its promotional material for an anti-coagulant injection.

Also keep a tab on Allahabad Bank, Havells India and Glenmark Pharma as they will announce their respective December quarter results today.