Today strategy:10-May-2012

We see a slightly positive opening but market players are likely to remain skittish amid persistent FII selling and weakness in the rupee. Watch out for the IIP data on Friday. Result-oriented action is likely to continue.

The market is treading along with no clear goal in sight. While, the GAAR deferment saved the day on Monday, eurozone worries caused a tumble on Tuesday. Weakness persisted on Wednesday and the volatile Nifty closed below 5000 again. Greece and Spain continue to be major source of fear. Efforts to form a government in debt-plagued Greece have failed.

Global markets may continue to be driven by eurozone problems in the near term. Fresh batch of Chinese data will also be followed closely along with Fed chief Ben Bernanke’s latest speech.

Key Results Today: Apollo Tyres, Cadila Healthcare, Canara Bank, Cipla, Dewan Housing Finance, Escorts, HEG, Jain Irrigation, Jubilant Foodworks, Lupin, Navneet Publications, NELCO, NTPC and Sintex Industries.

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