Wednesday, March 28, 2012

indian stock Nifty outlook open march 29 2012

indian stock Nifty outlook open march 29 2012 : The 50-share Nifty index is expected to open lower on Thursday tracking weak Asian markets while investors will keep a close eye on March F&O expiry today.

According to experts, market is likely to remain choppy and turn volatile as the session progresses towards expiry of March F&O series.

The Nifty index ended volatility marred session in the negative territory on the back of weak global cues and ahead of March series expiry on Wednesday. Banks, realty, oil & gas and power space led the decline while FMCG and pharmaceuticals ended modestly higher.

"Negative sentiment which prevailed through the month is expected to keep the market under pressure towards expiry. Stock specific selling on account of pending rollover positions in expected," said Sahaj Agrawal, Associate Vice President (Derivatives), Kotak Securities.

"Expect expiry of March series to be around 5200-5225. April series Put writing in lower strikes suggests buying/accumulating at lower levels for a bounce back to 5400-5500 levels," added Sahaj Agrawal.

Nifty has been holding on to the crucial support level of 5170 since the last couple of days. It had tested a low of 5174.90 on Monday and 5184.65 on Tuesday, and so far managed to hold on to the 200 days moving average near 5150.

Overnight, US stocks declined as sliding oil and metals prices gave investors a reason to sell. However, S&P 500 is still up 11.8 percent so far for the first quarter.

"Data showed new orders for U.S. manufactured goods rose 2.2 percent in February, falling short of a consensus forecast for a 3 percent gain, while a gauge of future business investment also missed forecasts, casting a shadow on the manufacturing sector's support of the recovery," said a Reuters report.

The Dow Jones industrial average fell 71.52 points, or 0.54 percent, to 13,126.21 at the close. The Standard & Poor's 500 Index slipped 6.98 points, or 0.49 percent, to 1,405.54. The Nasdaq Composite Index declined 15.39 points, or 0.49 percent, to 3,104.96.

Asian shares eased for a second day in a row on Thursday, as investors limited their risk exposures on concerns about growth prospects in China and US.

Oil also fell on data showing U.S. crude oil inventories posted the largest weekly build since July 2010.

Copper inched up, clawing back from two percent losses the prior session, after U.S. manufacturing data hinted at a weak start to the year. While Gold regained some strength as bargain hunters resurfaced after prices slipped more than 1 percent in the previous session.

Japan's Nikkei 225 index was trading 0.9% lower at 10,090.62 and Hong Kong's Hang Seng index was trading lower at 20,651.12, down 1.1%. South Korea's Kospi index was trading 1.2% lower at 2005.45. China 's Shanghai index was trading at 2268, down 0.7%.

At 08:00 AM, Nifty India stock futures in Singapore were down 48 points at 5,154.00, indicating a negative opening in the domestic market.

Stocks to watch:
EIH Associated Hotels Ltd will be in focus after the Oberoi group firm said its board has approved raising of up to Rs 110 crore through a rights issue. In a filing to the BSE, the company said it will issue equity shares of face value of Rs 10 each to its existing shareholders.

Coal India Ltd will be watched after the company's board will meet again on Thursday to approve the new draft fuel supply agreement.

Fortis Healthcare Ltd will be in focus after the country's second largest hospital chain, is planning to strike a deal with private equity (PE) investors. Ahead of that, the promoters will sell part of their stake in the company through the stock auction route.

State-owned Oil and Natural Gas Corporation (ONGC) cornered six blocks - four as operator and two as minority partner -- out of the 16 areas that the government awarded for oil and gas exploration.

United Breweries Ltd will be watched on reports that have begun with Heineken to sell a portion of the 40.57% stake owned by United Breweries Holdings, the main promoter company in United Breweries, the makers of Kingfisher. Heineken owns 37%, and could become the majority owner if the transaction fructifies.

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1 comment:

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