Today is the big day for Infosys management. Can the market do with some help from Infosys?
Yes, it can because it?s very close to that all time high, says Udayan Mukherjee, Managing Editor
He said that it just needs one-two sectors to just push it over the hump maybe and Infosys can lead a technology rally for sure because this seasonally is the best quarter for Infosys.
?Expectations are strong, Infosys has every opportunity to surprise the market with an even better result and up its guidance a bit and if does that maybe the IT sector will come to the party and drive the Nifty to 6,300 which it seems to have been reluctant to be at over the last couple of sessions. So let?s see if today IT can deliver the goods and the Nifty can come back from yesterday?s setback,? he reiterated.
Here is a verbatim transcript of Udayan Mukherjee?s comments on CNBC-TV18. Also see the accompanying video.
Q: If indeed all does come through will it set the tone in the market to take it to new all time highs?
A: Yesterday was a bit of a setback and we were discussing day before how important yesterday?s closing would have been because we had a massive rally and yesterday, even it had held the day before closing levels, it would have been good enough but the market retraced. Once again the screen is telling people that it?s not going to be a pushover to the new high. We went to 6,220, we corrected, we went to 6,280?there was a knee-jerk reaction so it?s not an easy journey to 6,350 plus. So today we are hoping that Infosys delivers the goods because you need couple of largecap sectors to come to the party now and try and help the Nifty pass the 6,300 mark.
Today?s weekly closing could be quite important as well in setting the tone for next week and whether coinciding with the Coal India issue over the early part of next week, the Nifty can hold around these levels and actually try and close the gap with that all time high. Today?s start is important given Infosys but today?s closing will be very important as well for the traders.
Q: How would one view all of this into the markets because yesterday was not the best of days for us and we have been feeling a bit resistance at that 6,200 zone?
A: Yes, and you would expect to see some resistance because we have had a good run and we are coming to an all time high, you can see that there is so much of supply which is coming in from the domestic investors at close to the new high so you will get a couple of false starts, you will get close to that but then retrace. If we do get to that high and touch it then there might even be a retracement after touching 6,350, all of these will happen because its not like you are taking out 6,000, you are taking out 6,350 which is an all time high, blue sky zone after that.
I do not think we should be disappointed at this kind of touch and run back kind of a movement once or twice in the market. I do not think 6,180 means that the market has broken down from its attempt. I hope Infosys can deliver a surprise and we can get to a weekly closing of 6,200 plus and then around the feel good of Coal India and there will be feel good around Coal India next week you can probably move up to 6,350. So I don?t think people should give up hope about the new high just yet.
The only thing that you need to keep an eye on is what is going on with the banks in the West because if there is some sense of disappointment about the banks because of the new foreclosure norms as they seem to be adopting then there might be little bit of a setback. But right now we are okay, we just had one day of a setback.
Today if we can bounce back and close at 6,200, I think we are setup okay for next week so toady?s closing could be quite important.
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