Weekly Outlook

For the earlier part of the week goneby,   markets were inching upwards although unconvincingly.
On Friday,   Ranbaxy haunted the markets and catalysed the correction.    Now,   there is growing
consensus that the economy will have to live with high interest rates for some more time.

Globally,   markets are in the soup.    European equities crashed on Friday.    Emerging market
currencies tanked led by Argentine Peso.    Now this contagion could spread to other markets
as well.    There is a growth concern emanating from China.

Amidst all these,   the prospects for Nifty do not look good going forward.

Weekly Outlook

The coming week will be eventful in terms of companies announcing their quarterly results.
Companies like UCO Bank,  IDBI Bank,  Indian Overseas Bank,  Bank of Baroda,  Yes Bank,
Axis Bank,  Bajaj Auto,  HCL Tech,  TCS,  Coal India,  ITC,  HDFC Bank,  Federal Bank,
and the big boy Reliance Industries Limited are amongst others that are scheduled to announce
their Q3 results.    Inflation data is also expected.

In the light of the above,  markets may remain stock specific.    Having said that,  Nifty is
precariously trading near the edge of the cliff.    No matter what,  Nifty must stay above
6120 -- 6140 range.  

Market Summary

The markets were experiencing listless trading sessions on account of the gloomy sentiment for
the past one week.    The upcoming earnings season was another factor that led to the continued
choppiness.

Today,  Infosys came out with its quarterly numbers and FY 14 forward guidance which were much
better than what the street was expecting.    The foreign trade data also contributed its bit towards
the exuberance on the dalal street.    But how far will the euphoria last?    One would suspect this
intraday rally in Nifty after looking at the way it closed.