Market Outlook: Equity Markets may have flat to negative opening today and the outlook for the markets is that of caution as the Nifty spot is below the 2650 support level. Global cues will play an important role as there are no domestic triggers to decide the direction of the markets. Markets may consolidate here before making its next move. Markets look oversold, Nifty likely to trade in a range of 2,568-2,635.
Nifty Outlook: Pivot Point: 2640
R1: 2670, R2: 2717, R3: 2747
S1: 2593, S2: 2563, S3: 2516
Yesterday Indian markets opened on a nervous note and ended with widespread losses as the selling accelerated in the last hour of trade.
Indian ADRs: Satyam down 4%, Tata Motors, HDFC Bank up 3%, ICICI Bank, Infosys up 1%
On the global front: US mkts end with moderate loss; S&P ends below 700 for 1st time since Oct 1996 and Asian markets trading mixed; Nikkei down US markets retreated as Federal Reserve Chairman Bernanke said that economic prospects remain uncertain and said more action will be necessary to jolt the economy out of the financial crisis.
Nifty Outlook: Pivot Point: 2640
R1: 2670, R2: 2717, R3: 2747
S1: 2593, S2: 2563, S3: 2516
Yesterday Indian markets opened on a nervous note and ended with widespread losses as the selling accelerated in the last hour of trade.
Indian ADRs: Satyam down 4%, Tata Motors, HDFC Bank up 3%, ICICI Bank, Infosys up 1%
On the global front: US mkts end with moderate loss; S&P ends below 700 for 1st time since Oct 1996 and Asian markets trading mixed; Nikkei down US markets retreated as Federal Reserve Chairman Bernanke said that economic prospects remain uncertain and said more action will be necessary to jolt the economy out of the financial crisis.
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