Markets are likely to see a flat to positive start on the back of positive global cues. Early indicator, SGX Nifty was flat, down a point at 6,834.
According to an Angel broking report, the trend deciding level for the day is 22,732 / 6,810 levels. If Niftytrades above this level during the first half-an-hour of trade then we may witness a further rally up to 22,828 – 22,891/6,833 – 6,849 levels. However, if Nifty trades below 22,732/6,810 levels for the first half-an-hour of trade then it may correct 22,669 – 22,574/6,795 – 6,771 levels.
In Asia shares were supported on Tuesday after Wall Street stocks extended gains into a fifth day, though investors continued to see tensions in Ukraine as a threat to risk appetite.
Japan’s Nikkei share average opened up 0.5 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan was almost flat in early trade, but not far from a six-month high hit earlier this month.
Overnight, US stocks advanced modestly on Monday in subdued trading as investors showed hesitation in the wake of a strong rally last week and before a slew of key earnings releases this week.
Monday’s gain marked the S&P 500’s fifth straight climb, its longest winning streak since October. The Nasdaq also scored its fifth straight gain on Monday.
The Dow Jones industrial average rose 0.25 percent, to end at 16,449. The S&P 500 gained 0.38 percent, to close at 1,872. The Nasdaq Composite added 0.64 percent, to finish at 4,122.
Stocks to Watch
HDFC Bank: Declares it Q4 results today.
TCS: Reached an agreement with Mitsubishi Corporation of Japan to establish a new IT services company through the merger of three subsidiaries.
Hindalco: CBI to examine Hindalco chief Kumar Mangalam Birla in connection with the multi-crore coal block allocation scam.
Tata Power: Its Rs 2,000 crore rights issue has been oversubscribed by nearly two times. Tata Power had offered up to 33 crore equity shares at a price of Rs 60 per share for an amount aggregating to Rs 1,993.38 crore on a rights basis, which closed on April 15, to the existing shareholders.
Alembic Pharma: Board to consider Dividend for the Financial Year 2013-2014.
Biocon: May extend gains on speculation that the company is slated to announce a major drug discovery.
Sesa Stelite: May extend gains as Supreme Court allows resumption of iron ore mining in Goa with conditions.
IL&FS Engineering: Overseas arm bags Rs 268 cr Saudi order.