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MARKET ANALYSIS

Religare Institutional Research has downgraded top-down earnings expectations of Indian companies for to 5 percent/10 percent from 9 percent /14 percent earlier due to the macro economic concerns like lower growth, inflation, weak rupee.
“After a muted Q1, consensus expectations on FY14 Sensex growth have come down from 15 percent to 12 percent now.
The central bank’s measures to rescue the rupee from depreciating have been unsuccessful so far. These measures have the potential to hurt economic growth and this has worsened market sentiments.
Amidst limited macro triggers for markets in the near term, the brokerage expects FY14 GDP growth at 4.5 per cent.

DAILY PIVOTS

INDEX                  S1       S2      PP        R1      R2
NIFTY               5444   5412   5486   5518   5560
BANK NIFTY  9249   9125   9418   9542   9710

Nifty Tips | Nifty Outlook