Trading is expected to remain cautious next week as a sudden slump in share price of Tata Motors and Ultratech Cement in late market hours on Friday would make investors take cautious bets.
Shares are expected to trade in a narrow range as sentiment remains muted after the central bank's comments on Tuesday and as traders watch out for earnings of auto major Mahindra & Mahindra (MAHM.NS) and cement companies including ACC (ACC.NS).
Market participants will watch for any announcement from the government about the upcoming budget.
India's plan to raise about $2 billion through a stake sale in power producer NTPC Ltd (NTPC.NS) will likely take place on February 7, according to sources.
Events to watch:
Monday: Bank of Baroda (BOB.NS), United Sprits (UNSP.NS)
Tuesday: UCO Bank(UCBK.NS), Apollo Tyres(APLO.NS), HSBC Markit services PMI
Wednesday: Cipla(CIPL.NS), Tech Mahindra(TEML.NS)
Thursday: ACC(ACC.NS), Ambuja Cement(ABUJ.NS), MRF(MRF.NS), Aurobindo Pharma(ARBN.NS)
Friday: Cadila (CADI.NS), Hindalco(HALC.NS), Mahindra & Mahindra, Canara Bank(CNBK.NS), Sun Pharma(SUN.NS)
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With the crucial GDP data scheduled to be announced along with key corporate results, volatility is expected to prevail in the upcoming week. Disappointment on these fronts may push the Nifty down to the 7,200-7,500 range. Once we witness stability and consolidation, investors should increase their exposure, says Ambareesh Baliga. Full article