Market Outlook: Indian equities expected to open firm tracking the near-term global trend. Obama's swearing in this week will also help the uptrend. Bad corporate results would be a sentiment impact. There has been no nasty surprise in the earnings season in fact they were better than the worst expectation, However persistent selling by FII’s may put a lid on the gains.
Trading is likely to resume on an optimistic note this week, as there would not be too many negative cues ahead of the swearing in of the new US president on Tuesday. Besides, the US markets will be closed on Monday for the Martin Luther King Jr. Day holiday. So, there could be broad-based gains in the initial part of the week even though some profit booking could emerge later.
Nifty Outlook: Pivot level: 2796
R1: 2868, R2: 2807, R3: 2979
S1: 2756, S2: 2684, S3: 2645
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