 "Pre-Market: Global trends may set market moves")
Foreign institutional flows will continue to play a key role in the direction of the stock markets this week in the absence of major events. Market participants do not expect the warning by ratings agency S&P on India’s credit outlook on Friday to have a significant impact on stocks on Monday.
With the Nifty struggling to break above the key hurdle of 6200, analysts said it would require a fresh bout of sizeable flows to push the markets up as domestic investors continue to sell at higher levels.
The NSE Nifty is likely to trade with a positive bias as long as the index sustains above 6,150-6,130 level. On the upside, the index can face some resistance around 6,220-odd levels. Momentum oscillators both on the daily and the weekly charts are in favour of the bulls, technical analysts suggest.
Most Asian markets gained ground on Monday with the Nikkei and Hang Seng rising over 1 per cent each. At 720am Indian Standard Time, the SGX Nifty was trading at 6,209 – up 0.3 per cent.
Back home, among individual stocks, keep a tab on Coal India, State Bank of India and Jet Airways as they will announce their respective March quarter numbers this week.
The income tax department has slapped a fresh Rs 577 crore tax demand notice on Infosys, for fiscal year 2009 reports suggest. The stock could react to the development.
With the Nifty struggling to break above the key hurdle of 6200, analysts said it would require a fresh bout of sizeable flows to push the markets up as domestic investors continue to sell at higher levels.
The NSE Nifty is likely to trade with a positive bias as long as the index sustains above 6,150-6,130 level. On the upside, the index can face some resistance around 6,220-odd levels. Momentum oscillators both on the daily and the weekly charts are in favour of the bulls, technical analysts suggest.
Most Asian markets gained ground on Monday with the Nikkei and Hang Seng rising over 1 per cent each. At 720am Indian Standard Time, the SGX Nifty was trading at 6,209 – up 0.3 per cent.
Back home, among individual stocks, keep a tab on Coal India, State Bank of India and Jet Airways as they will announce their respective March quarter numbers this week.
The income tax department has slapped a fresh Rs 577 crore tax demand notice on Infosys, for fiscal year 2009 reports suggest. The stock could react to the development.
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