Market Outlook: Equity Markets are likely to drift lower on worsening global concern. Obama's induction did not cheered the US needs as much as it was expected on the day 1, to bailout the slowing economy. This will eventually impact on the Indian bourses. Earning season still did not direct the markets as most of the big numbers are expected later in the month. The immediate support for Nifty is seen at 2,720, if it breaks this level, the index can go down to 2,600. Leading stocks will head to new lows if Nifty goes down to 2,600.Nifty Outlook: Pivot Level: 2799
S1: 2755, S2: 2714, S3: 2670
R1: 2840, R3: 2884, R3: 2925
Indian ADRs: ICICI Bank slips 13%, HDFC Bank down 11%
Wall Street plunges; Dow down 332 points Dow closes below 8K for 1st time since Nov 20 & Asian markets trading weak.
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