Markets to open flat; Axis Bank & Idea Cellular in focus

Indian markets got back to their winning ways in the week gone by. However it cooled down as the week came to an end. Indian benchmark indices delivered returns in excess of 1.25 per cent in the week gone by. However, markets were unable to reclaim its important resistance level of 8700. In the coming week Q2 earnings and global economic data would be closely tracked.

European share markets posted a weekly gain on Friday, October 21, courtesy strong earnings and gain in banking stocks. However, last day of trading saw all the major indices close flat in trade.

US stocks moved lower in trade on Friday, October 21 after posting weekly gains. Major indices closed flat with a negative bias.

Asian stocks traded flat to negative as US dollar hovered around near nine-month high after a comment from yet another Fed official on a possibility of a hike later this year. All the Asian markets are trading with small cuts Monday, October 24 except for Chinese markets.

SGX Nifty is trading flat at the levels of 8708. We expect markets to open flat. For the up- coming week, all eyes would be glued to earnings, this week being Q2 heavy, along with global economic data. Stock specific action would be the way ahead for markets.