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Market to stay range-bound ahead of Union Budget

MUMBAI: Markets will continue to remain subdued this week ahead of the Union Union Budget session that begins on Thursday. Analysts expect the markets to trade in a narrow, 150-200 point range this week with the December quarter results season having ended and factory output and inflation numbers already out the previous week. ''The lower target for the Nifty this week stands at 5740 while on the upper side the index could encounter resistance at 5970,'' said AK Prabhakar, senior vice-president (research), Anand Rathi Financial Services. ''Though range-bound, my feeling is markets could trend on the downside ahead of the Union Budget next Thursday.'' Prabhakar expects banking and metal stocks to be under pressure as many state-owned banks reported poor third quarter numbers with pick up in demand for metals expected to be tepid because of the economic problems in the US and eurozone. France, one of the 17 countries using the euro, saw its economic growth shrink 0.3% in the December quarter.
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