Near term direction may be determined by the Q2FY11 earnings :: ICICI Sec

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Near term direction may be determined by the Q2FY11 earnings
	The response to the recent Coal India IPO also has been indicating the confidence of the participants in the markets. The near term direction however may be determined by the Q2FY11 earnings of major companies. Any disappointment may trigger some profit booking at the higher levels but that is likely to be short lived and the dips should be used as an opportunity to get into the markets preferring stocks based on cheaper valuation.
		On the result front, in the next week some major banks, metals and
		FMCG companies are due to post their Q2FY11 numbers, which would be closely watched by the markets
		Last week some major companies, viz., ACC, Ambuja Cements and
		Wipro disappointed the street on the earnings front while other biggies like L&T and TCS beat market expectations substantially on the higher side
		Some global events would also be vital at this juncture to get cues
		about the market direction in the short-term. Among these, UK and US Q3 GDP data would be such important events to watch out for in the coming week
		With the overall undertone still remaining positive for the broader
		market, the Nifty is likely to trade in a broad range of 5900- 6200 in the short to medium term