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MARKET OUTLOOK FOR THE WEEK: 24-10-2016

MARKET OUTLOOK FOR THE WEEK: 24-10-2016
October 23
17:52 2016

SENSEX on Friday reclaimed 28000, after Finance Ministry and state governments reached a consensus on state compensations and they fixed the base year as 2015-16. The new indirect tax regime will start from 1 April 2017. The states would be compensated for any loss of revenue; The Finance Ministry has set the 22 November 2016 deadline for building on all the issues. FII stayed lines most of the days, ahead of US Presidential Election results and concerns of a possible interest rate hike in December 2016. Nifty has support at 8473 and having resistances at 8747 and 8800. If there is a major short covering then we can expect 8900 before the expiry. As the technical indicators are in the positive territory, one should add long positions at lower levels at a phased manner.
Reliance net profit rose 17.91% to 7704 crore. Gross Refining Margins stood at $10.10 per barrel in Q2 September 2016, as against $10.60 per barrel in Q2 September 2015. Reliance Industries net profit fell 22.9% to Rs.7206 crore on 9.6% increase in turnover. The result came after market hours. The increased turnover is partly due to increased volumes in refining, petrochemical and retail business.
Prominent companies which are expected to come out with results in the next week the list includes Adani Power, Adani Transmission, Adani Enterprises, Axis Bank, GSFC, Idea, Green Ply, Reliance Capital, Tata Metals, Tyro care, Adani Exports, Dr. Reddy, Federal Bank, HDFC Bank, Kotak Bank, LT Finance, M&M Finance, MCX, Tinplate, ZEEL, Can Bank, Dabur, HDFC, Unilever, Hero Motors, ITC, Just Dial, Raymond, Thomas Cook, ABB, Bajaj Finance, Bajaj Fin serve, BEL, Disman Pharma, Glaxo, HCC, IOC, Maruti, MRF, PRICOL,TVS Motor, Wonderla, Bajaj Auto, Century Tex, IDFC and NTPC.

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ALEX MATHEWS

ALEX MATHEWS

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