Extending last week's uptrend, benchmark equity indices ended
the week with gains of close to half a percent and ended past the crucial 19,450
(Sensex) and 5850 (Nifty) levels respectively.
Markets in the coming week would first react to the release of
US jobs data released over the weekend, which could bolster, or derail, the case
for the Federal Reserve to start dialing down its asset-buying programme this
year.
The coming week, would also be a crucial one as this marks the
start of fresh earning season, with information and technology service major,
Infosys announcing its First quarter results on July 12, 2013.
Additionally, investor's would also await the release of Index
of industrial production (IIP) on July 12, which could further give cues on
whether Reserve Bank of India would slash key rates in its upcoming monetary
policy on July 30.
The pharma sector stocks will be showing some reaction to the
outcome of the FIPB meeting on Friday, if the Finance Ministry defers 10
proposals for FDI in pharmaceutical sector, as the government is yet to review
foreign investment policy in existing Indian drug companies. The Department of
Industrial Policy and Promotion (DIPP) has raised concerns over a spate of
acquisitions of domestic pharma firms by multinationals.
On the global front, investors would be eyeing a slew of
economic data from the world's largest economy, starting from FOMC Minutes on
July 10, followed by Jobless Claims on July 11 and finally, the Producer Price
Index data on July 12.
Technical viewpoints
During the week, CNX Nifty touched the highest level of 5904.35
on July 1, 2013 and the lowest point of 5760.40 on July 3, 2013. On the last
trading day, the Nifty closed at 5867.90 with a weekly gain of 24.70 points or
0.44%. For the coming week, 5898.92 followed by 5700.27are likely to be good
support levels for the Nifty, while the index may face resistance at 5928.03 and
5988.17 levels.
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