Nifty may touch 5600, earnings key

[epicresearch]

Once again Indian market is holding up firm amidst nervousness that the rally is short lived. Analysts feel that much depend on the first quarter earnings and reformative measures by Manmohan Singh as he took over the finance ministry recently.
Punita Kumar Sinha, Managing Partner, Pacific Paradigm Advisors is somewhat positive as she feels that 5,600 on the Nifty can be ruled out now. "It seems like the worst maybe behind us in terms of avoiding break up of the euro for the short-term. Things are generally going to be more stable from hereon. But earnings are going to be the next trigger, particularly in India," she said in an interview to CNBC-TV18.
At the same time, there is a growing concern that absolute earnings growth of Indian companies is likely to be lower but have been priced in to some extent