Feb 25, 2013, 09.46 AM IST | Source: Moneycontrol.com

Nifty may trade in 5900-5800 range: Magnum

Magnum Research has come out with its report on Indian market. According to the research firm, Nifty is expected to trade between 5900-5800 with sideways biasness.

Magnum Research has come out with its report on Indian market.  According to the research firm, Nifty is expected to trade between 5900-5800 with sideways biasness.

Indian markets fell for a second session on Friday to its lowest close in two months, led by declines in HDFC while ITC fell on fears of a hike in excise duty for tobacco in the upcoming budget. BSE Sensex fell 0.04 percent, or 8.35 points, to end at 19,317.01, after falling 0.77 percent for the week, marking a fourth week of falls. Broader Nifty fell 0.03 percent, or 1.95 points, to end at 5,850.30, also ending 0.63 percent lower for the week. Now market are expected to be range-bound ahead of the 2013/14 budget, to be unveiled on February 28, and important cues to watch would be whether the finance minister will manage to impose fiscal discipline even as the government tries to revive growth. India has targeted a fiscal deficit of 4.8 percent of gross domestic product for the year starting in April, but budget details will also be key given an austerity push could add to inflationary pressures, hampering chances for rapid interest rate cuts.

Global risk factors will also be key given domestic shares on Thursday posted their biggest fall since July on worries about whether the U.S. Federal Reserve will continue its bond buying programme. European shares rose on Friday in a broad-based rally as investors took advantage of the previous session's steep falls to pick up equities on the cheap, though traders cited some caution given weekend elections in Italy. US Stocks finished near session highs Friday, recovering from a two-day slump, lifted by upbeat economic data from Europe. Nifty is expected to trade between 5900 and 5800 with sideways biasness.

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READ MORE ON  Magnum Research, Nifty, HDFC
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