Stock Market Prediction – Expect Profitability on October 14

Indian markets skyrocketed on Friday n buying in IT stocks as the country's second largest software exporter Infosys posted smart quarterly numbers and raised annual sales forecast, amid a firming global trend. As expected the IT companies helped the leading indices sustain the elevated levels. Indian Equity market scaled to three week high on back of strong global cues and good results delivered by Infosys.

On daily chart nifty has formed hanging man which is a reversal pattern and RSI is showing negative divergence. If we sum up all this point this hints towards some correction in market. However we need confirmation on candlestick and on closing basis. As long as nifty is holding 5970 on closing every dip would be considered as buying opportunity. For intraday Nifty has stiff resistance is around 6120-6150. On downside nifty has strong resistance around levels of 6040-6000.

Reports Suggested:

• J&K Bank is targeting to grow its post-tax profit by 25 per cent to Rs 1,300 crore.
• Ten-year U.S. Treasury future contracts for December delivery rose 3/32 to 126 7/32, based on electronic trading at the Chicago Board of Trade
• The nation’s consumer price index rose 3.1 percent from a year earlier, that excedded the 2.8 percent median estimate.
• Gold was down 0.1 percent at $1,270.61 an ounce, after slipping 3 percent last week. Silver slid 0.9 percent.
• Nickel for three-month delivery on the London Metal Exchange fell to $13,841 a metric ton while copper snapped a two-day advance. Zinc slipped 0.2 percent, dropping for the first time in seven days, and aluminum lost 0.6 percent.

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Todays Stock Market Alert-Infosys ups FY14 revenue guidance

Infosys ' second quarter net profit grew 1.5 percent quarter-on-quarter (1.6 percent year-on-year) to Rs 2,410 crore for the quarter ended September 2013, impacted by one-time visa settlement charge of Rs 219 crore. Infosys declared an interim dividend of Rs 20/share for the financial year 2013-14. The record date for the payment of dividend is October 18, 2013, says Infosys.

The stock was up 5.08% to Rs 3,283. The stock pared gains after surging as much as 7.55% at the day's high of Rs 3,360, also its 52-week high. The stock rose as much as 1.07% at the day's low of Rs 3,157.65. On a consolidated basis, Infosys' net profit rose 1.4% to Rs 2407 crore on 15.1% increase in total revenues to Rs 12965 crore in Q2 September 2013 over Q1 June 2013. The results are as per International Financial Reporting Standards (IFRS). Infosys has made a provision of Rs 219 crore towards visa related expenses in Q2 September 2013.

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Equity Market Alert : Asia Stocks Fall as Treasury Warns of U.S. Impasse Impact

Asian stocks fell, with the regional index heading for its first weekly loss in more than a month, as concern grew that the U.S. political impasse could lead to the government defaulting on its debt, sparking a recession.

The market may edge lower in early trade on weak Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 25 points at the opening bell.

Indian stocks surged on Thursday, 3 October 2013, on expectations that the US government's partial shutdown could lead to the US Federal Reserve postponing tapering of monetary stimulus to the US economy. The S&P BSE Sensex jumped 384.92 points or 1.97% to settle at 19,902.07 on that day, its highest closing level since 24 September 2013.

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Recent Updates on Equity-Asian Stocks Rise as Japan’s Abe Increases Sales Tax

Asian stocks rose, led by Japanese shares, after Prime Minister Shinzo Abe said the nation will increase its sales tax as planned. Gains were limited by the first partial U.S. government shutdown in 17 years.

The S&P BSE Sensex was down 33.36 points or 0.17% to 19,346.51. The index declined 74.62 points at the day's low of 19,305.15 in early trade. The index rose 86.41 points at the day's high of 19,466.18 in early trade. The CNX Nifty was up 1.70 points or 0.03% to 5,737. The index hit a high of 5,762.40 in intraday trade. The index hit a low of 5,736.80 in intraday trade.

The market breadth, indicating the overall health of the market, was positive. On BSE, 552 shares rose and 473 shares fell. A total of 56 shares were unchanged.

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