Market Outlook: Expect Indian Markets to open in flat negatively biased with Supports at 2700-2730 levels and resistance seen at 2830-2860. Traders should focus on Individual stocks with News flow. The market has unfolded yet again volatile and directionless and has not displayed any signs of direction so far. The market has some supports near 8750 levels but by and large it is direction less. Being a weekend session, volumes assume significance as a measure of risk appetite. The outlook for the markets today is that of guarded optimism.
Yesterday indices have closed in the upper end of the intraday band as the bear covering kept the downsides capped.
Nifty Outlook: Pivot Level: 2771
R1: 2811, R2: 2837, R3: 2877
S1: 2745, S2: 2705, S3: 2679
Indian ADRs: Satyam, ICICI Bank down 5%, HDFC Bank, Infosys down 2%, Tata Motors down 1%
On the global front: Obama vows to slash deficit in budget plan; US mkts down while Asian markets trading firm; Nikkei, Hang Seng up. US markets ended lower as President Obama outlined his budget plan and proposed a radical shift to reform healthcare, change tax norms in a bid to cut down on spending and reducing the deficit. The Obama administration sees the FY09 deficit at USD 1.75 trillion.
Yesterday indices have closed in the upper end of the intraday band as the bear covering kept the downsides capped.
Nifty Outlook: Pivot Level: 2771
R1: 2811, R2: 2837, R3: 2877
S1: 2745, S2: 2705, S3: 2679
Indian ADRs: Satyam, ICICI Bank down 5%, HDFC Bank, Infosys down 2%, Tata Motors down 1%
On the global front: Obama vows to slash deficit in budget plan; US mkts down while Asian markets trading firm; Nikkei, Hang Seng up. US markets ended lower as President Obama outlined his budget plan and proposed a radical shift to reform healthcare, change tax norms in a bid to cut down on spending and reducing the deficit. The Obama administration sees the FY09 deficit at USD 1.75 trillion.
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