The outcome of the assembly polls in five states viz Kerala, West Bengal, Puducherry, Tamil Nadu and Assam will dictate market sentiment next week.
Further, the government is likely to release data on April whole-sale price inflation on Monday, May 16.
In the week to May 13, markets snapped two-week losing streak to end higher after the government unleashed two major reforms, the amended India-Mauritius Double Taxation Avoidance Agreement (DTAA) and the Insolvency and Bankruptcy Code Bill.
The Rajya Sabha passsed the Insolvency and Bankruptcy Code Bill, enabling a single law to deal with distressed companies, their promoters, creditors, employees and other stakeholders for the first time in India.
As per the amended tax treaty with Mauritius, India has gained the right to tax capital gains arising in Mauritius from sale of shares acquired on or after April 1, 2017, in Indian companies.
India's industrial output rose by 0.1 per cent in March, largely losing the momentum generated in February when it had risen by two per cent, after a three-month fall.
Consumer Price Index-based inflation (CPI) for the month of April was a higher than expected 5.39 per cent, on the back of a large jump in food prices, snapping a three-month downtrend.
>>> Nifty Daily Chart <<<
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Price must hold the expanding like triangle support line for a narrow upmove. 7890 and 7970 remains as a key hurdle.
>>> Nifty Hourly Chart <<<
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7780 remains as a key support on hourly chart. RSI also getting support from the trend line as shown on chart. Break above the neck line may give a fresh rally. Break below the support line may give a fresh sell off.
>>> Bank Nifty Hourly Chart <<<
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16520 must support bulls for rally.
>>> AJANTHA PHARMA <<<
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As we have discussed about BIOCON last week and still holding - Ajantha Pharma is our another second holding on the short side. Lets see how its work out. Cheers!!!
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