Pre-market: Cautious trades seen, WPI data eyed

Reliance Power, TV18 Networks, Ranbaxy among shares which can come into focus today

After closing over two per cent lower on Monday and recording its biggest percentage fall in 14 months, the markets are likely to trade cautiously today tracking mixed global cues.

On the domestic front, traders will also be eyeing the wholesale price index (WPI) data due later in the day today.

The NSE Nifty has given a sharp trend reversal on the daily charts. On Tuesday, it is likely to seek support around 5,930-5,900 and may face resistance around 6,030-6,060, technical analysts suggest.

US stocks paused overnight from last week’s record high closings and European shares edged off five-year highs after renewed concerns banks sparked profit-taking in the second best-performing sector of the past month.

Asian shares paused from selling on Tuesday, while the dollar was underpinned by better-than-expected US retail sales suggesting a steady recovery in the world’s largest economy.

At 705am Indian Standard Time, the SGX Nifty was trading 0.3 per cent higher at 6,007 levels.

Among individual stocks, keep a tab on Ranbaxy as the company has agreed to pay $500 million to resolve fraud allegations.

Reliance Power will be in focus today after the company reported a 15 per cent rise in its March quarter net profit.

TV18 Broadcast reported a turnaround performance in the recently concluded quarter by posting a net profit of Rs 20.94 as against a net loss during the previous corresponding quarter.

Punj Lloyd has bagged an order worth Rs 730 crore from ONGC. The news could trigger some price action in this counter.

Dr Reddys Lab, HT Media, Muthoot Finance, Pfizer, Reliance Infra and Whirlpool are some of the prominent companies that will announce their March quarter results today. Do keep a tab on them.