Pre-market: Positive trades likely this week

 

The markets are likely to trade with a positive bias this week tracking global peers. Stock specific action is likely given the ongoing results season. The market participants will also keep a tab on the consumer price index and the wholesale price index data on Monday and Tuesday, respectively.

 

The Sensex and Nifty moved above their key levels of 20,000 and 6,000, respectively last week – pushed higher by strong FII inflows, rally in the global markets, strong corporate earnings and better-than-expected IIP numbers.

Sensex ended the week 2.59 per cent higher at 20,083, while the Nifty advanced 2.54 per cent to 6,095 levels.

Going ahead, the Nifty might extend the up-move to near 6,200-levels. Near-support for the index can be expected at 6,040-odd levels, technical analysts suggest.

Among individual companies, stocks of Reliance Infrastructure, Reliance Power, Bank of Baroda, Bajaj Auto, Dr Reddy’s, United Spirits and ITC, which are scheduled to announce their results this week, could see a pick-up in activity.

Asian markets traded mixed on Monday morning, with Nikkei advancing 1.3 per cent, while Hang Seng, KOSPI and Taiwan Weighted lost ground.