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Pharma Stocks Outlook for the week – 22 to 26.06.2015 (Seen continuing their recovery next week)
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Equities are likely to trade choppy with a positive bias next week ahead of the June derivatives expiry on Thursday, with a crucial case on minimum alternate tax also coming up for hearing during the period.
We see the hearing of the petition of Scotland-based Aberdeeen Asset Management Co as a crucial trigger for the market. The hearing was adjourned to Jun 22. We believe that equities have corrected more than necessary and is now seeing short covering.
Domestic institutional investors are also buying as compared to their foreign counterparts are selling and this is seen as a positive factor for the stock market. The fall in Chinese equities, though, is seen as a positive for the market. The Chinese market topping out is seen as a good sign for India. Expectation is that FIIs will start buying or at least stop selling. Developments over Greece will also be watched after the European Council President Donald Tusk summoned heads of state and government of the euro area to meet in Brussels on Monday.
We though, expect some profit booking to take place in equities. The Nifty has gained 3% over the week. Fast moving consumer goods companies are seen weak next week as investors continue to be wary about food safety issues and regulatory troubles.
( www.rupeedesk.in )
( www.rupeedesk.in )
