Market Outlook: Equity markets today is that of consolidation as the weekend factor coupled with the recent big ticket price momentum followed by relatively quieter sessions. Positive momentum may continue aided by strong global cues. The upside would be limited ahead of elections. Technically the trend is still intact up but strong resistance exists at 10201. The support for the Sensex is 9740 and the resistance to the up move is at 10201. Nifty remains closed for the day ahead of Gudi padwa
Sensex Outlook: Pivot Point: 9934.8
R1: 10129, R2: 10256.2, R3: 10451
S1: 9808, S2: 9613, S3: 9486
Indian ADRs: ICICI Bank up 5%, Infosys, Satyam up 4%, HDFC Bank up 2%, Tata Motors up 1%
On the global front: Wall Street surges; NASDAQ ends up 3.8% while Asian markets trading mixed; Nikkei, Shanghai Composite up. The US markets rallied as investors were encouraged by decent demand for a USD 24-billion auction of seven-year treasury notes and some better-than-expected quarterly earnings from Best Buy. The NASDAQ shot up nearly 3.8% after a big surge in the final minutes of trading. The Dow gained 174.75 points, or 2.3%, at 7,924.56. The S&P 500 index added 18.98 points, or 2.3%, to 832.86.
Global Economic news: The US’ fourth-quarter GDP was down by 6.3% but it was better than the 6.2% expected. Weekly initial jobless claims posted a small rise last week and were in line with the expectations. Mortgage rates dropped to their lowest level ever. Interest rates on the 30-year fixed mortgages fell to a record 4.85%.
Sensex Outlook: Pivot Point: 9934.8
R1: 10129, R2: 10256.2, R3: 10451
S1: 9808, S2: 9613, S3: 9486
Indian ADRs: ICICI Bank up 5%, Infosys, Satyam up 4%, HDFC Bank up 2%, Tata Motors up 1%
On the global front: Wall Street surges; NASDAQ ends up 3.8% while Asian markets trading mixed; Nikkei, Shanghai Composite up. The US markets rallied as investors were encouraged by decent demand for a USD 24-billion auction of seven-year treasury notes and some better-than-expected quarterly earnings from Best Buy. The NASDAQ shot up nearly 3.8% after a big surge in the final minutes of trading. The Dow gained 174.75 points, or 2.3%, at 7,924.56. The S&P 500 index added 18.98 points, or 2.3%, to 832.86.
Global Economic news: The US’ fourth-quarter GDP was down by 6.3% but it was better than the 6.2% expected. Weekly initial jobless claims posted a small rise last week and were in line with the expectations. Mortgage rates dropped to their lowest level ever. Interest rates on the 30-year fixed mortgages fell to a record 4.85%.
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