Nifty likely to show upmove towards 12,300-12,500 in the coming weeks

Macro data will be in focus… GDP as well as Infrastructure output data for April is scheduled to come out post market hours later today

Most experts feel that there is a high likelihood that the GDP growth could have slipped below 7 percent.

A Reuters survey of economists forecast growth slipped to 6.3 percent annually in the three months ending in March, its slowest pace in six quarters.

The central bank’s monetary policy committee (MPC), which has cut policy rates by 50 basis points this year, is expected to cut the repo rate by a further 25 basis points at its June 4-6 meeting, bringing it to 5.75%, the lowest since July 2010, added the Reuters report.

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