All is well, at start

The ability to concentrate and to use time well is everything - Lee Iacocca Everything appears fine at start for the day thanks to the overseas cues and positive push last week. Markets broke a five week declining trend post FM announcement that the government does not intend to levy any tax on the holders of participatory notes. However will the respite for bulls continue in this truncated week? The overhang of the GAAR issue continues to persist. Rising crude oil prices and expanding current account deficit also remains a major dampener for the investors. In the coming week watch out for the FII flows, which have tapered off due to confusion over GAAR. Results will be important as well, and so will be the data on IIP and inflation. The RBI meet on April 17 will be the biggest event for our market. The talk of a fuel price hike continues to loom over the investors and traders mind for quite sometime now. The remaining Budget session will be a stormy affair if indeed there is a fuel price hike. Global markets might remain choppy and rangebound in the absence of big-ticket catalysts. Today we expect a flat to positive opening, however usual intraday gyrations would persist. A stock centric and measured approach seems to be the best bet for the time being. Markets for the week formed a bullish hammer on the weekly chart on back of sharp recovery on Friday trading session where Nifty managed to recoup its lost territory and posted gains after five weeks of losses. A higher opening in today’s trading session is required to unfold the bullish implication of hammer with major resistance seen at 5490 levels. In global action, Asian equity benchmarks opened mixed, with shares in Japan was up by a percent while the Hong Kong remained marginally in the red while the Chinese markets are shut. US stock indices finished mixed on Friday, with the Dow gained by half a percent while the Nasdaq index finished slightly in the red.