Market Outlook: Indian Markets are expected to open in negative terrain & may trade in a narrow range, as there are no fresh triggers for any significant move in either direction. Supports for Nifty are at 2700-2730 and resistances are at 2840-2900. The support for the Sensex is 8865 and the resistance to the up move is at 9445. Yesterday markets recorded another volatile session, though the downward momentum seemed to have slackened in pace as a technical bounce was seen due to short covering.
Indian ADRs: Tata Motors down 10%, HDFC Bank, ICICI Bank down 3%, Satyam up 3%
On the global front US markets ended flat after initial positive reaction to Obama's plan to fight housing crisis as Bernanke's bank plan failed to comfort the market. Also economic data continued to be bleak and the Federal Reserve cut its forecast for the economy this year. US markets end flat; Dow up 3 points while Asian trading mixed; Nikkei, Shanghai Composite up
Nifty Outlook: Pivot Level: 2773
S1: 2739, S2: 2703, S3: 2669
R1: 2809, R2: 2843, R3: 2879
S1: 2739, S2: 2703, S3: 2669
R1: 2809, R2: 2843, R3: 2879
Indian ADRs: Tata Motors down 10%, HDFC Bank, ICICI Bank down 3%, Satyam up 3%
On the global front US markets ended flat after initial positive reaction to Obama's plan to fight housing crisis as Bernanke's bank plan failed to comfort the market. Also economic data continued to be bleak and the Federal Reserve cut its forecast for the economy this year. US markets end flat; Dow up 3 points while Asian trading mixed; Nikkei, Shanghai Composite up
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