Future Outlook: Combining the above pattern formation on different time frame it is evident that markets are in a firm bear grip. On the other hand as long as 5671 holds there is a possibility that nifty may test the resistance levels of 5870 – 5950 where gain selling is likely to emerge. We maintain our bearish view on the markets and we are of the opinion that rallies near the mentioned resistance levels above are likely to attract selling pressure.
Data Alert From Overseas -
* Europe Spanish Unemployment Change
* Europe Producer Price Index m/m
* Europe Eurogroup Meetings
* Japan Average Cash Earnings y/y
* US FOMC Member Yellen Speaks
Domestic Stock Specific News –
* Govt releases clarification on tax residency issue
* Govt source says to soon clarify on FY14 gross borrow, gilt buyback
* India Feb HSBC manufacturing PMI at 54.2 vs 53.2 in Jan
* PSU cos' Mar 1-15 subsidised fuel sale loss seen 4.32 bln rupee/day
* Deutsche Bank cuts India FY13 GDP growth forecast to 5.25% vs 5.50%
* M&M Feb total automotive sales 47,824 units, up 11%
* Maruti Suzuki Feb total sales down 8% on year at 109,567 units
* Karnataka Bank ups rates on 1-2 year deposits by 25 bps to 9.25%
* NTPC starts commercial ops of 500 MW unit of Vindhyanchal plant
*United Bank ups 1-year deposit rates by 25 bps to 9%
*Official says Bank of Maharashtra eyeing 12-bln-rupee QIP by Jun
* Atul Auto February sales 2,610 vehicles, up 4% on year
* Lupin gets US FDA nod for hypertension drug Avalide generic
* MphasiS says Hewlett Packard non-enterprise svc sales seen up 35% 2013
Macro Economic Calendar
Indian IIP Data : 12th March 2013
Indian Inflation Data :14th March 2013
Indian Monetary Policy : 19th March 2013
Data Alert From Overseas -
* Europe Spanish Unemployment Change
* Europe Producer Price Index m/m
* Europe Eurogroup Meetings
* Japan Average Cash Earnings y/y
* US FOMC Member Yellen Speaks
Domestic Stock Specific News –
* Govt releases clarification on tax residency issue
* Govt source says to soon clarify on FY14 gross borrow, gilt buyback
* India Feb HSBC manufacturing PMI at 54.2 vs 53.2 in Jan
* PSU cos' Mar 1-15 subsidised fuel sale loss seen 4.32 bln rupee/day
* Deutsche Bank cuts India FY13 GDP growth forecast to 5.25% vs 5.50%
* M&M Feb total automotive sales 47,824 units, up 11%
* Maruti Suzuki Feb total sales down 8% on year at 109,567 units
* Karnataka Bank ups rates on 1-2 year deposits by 25 bps to 9.25%
* NTPC starts commercial ops of 500 MW unit of Vindhyanchal plant
*United Bank ups 1-year deposit rates by 25 bps to 9%
*Official says Bank of Maharashtra eyeing 12-bln-rupee QIP by Jun
* Atul Auto February sales 2,610 vehicles, up 4% on year
* Lupin gets US FDA nod for hypertension drug Avalide generic
* MphasiS says Hewlett Packard non-enterprise svc sales seen up 35% 2013
Macro Economic Calendar
Indian IIP Data : 12th March 2013
Indian Inflation Data :14th March 2013
Indian Monetary Policy : 19th March 2013
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