Market Outlook: Indian equity market may have positive opening today. Supports for the Nifty are at 2700-2730 and resistances are at 2800-2830-2860.As long as the Nifty is trading above 2700, every dip should be used to go long as the short term trend is up. Once Nifty manages to trade above 2800, we may see the further up move to resistance levels of 2900-2950. Yesterday Market saw some profit booking which was expected after 4 days of gains.
Inflation Update: Annual inflation seen near 0.89% on Mar 7 Vs 2.43% in the previous week...Sources If realized, it would be the lowest inflation rate since annual numbers in the current index started in April 1995. The current low is an annual 1.13 % increase on Feb. 2, 2002.
Nifty Outlook: Pivot Point: 2767
R1: 2795, R2: 2834, R3: 2862
S1: 2729, S2: 2700, S3: 2662
SGX CNX Nifty Index Futures: Mar09 Up +34.5
Indian ADRs: Tata Motors up 13%, Patni up 6%, ICICI Bank up 4%, Infosys up 1%, Satyam down 7%
Global update: -Asarco files 3rd amended bankruptcy reorganization plan & disclosure statement -Reorganization plan provides for co to sell substantially all of its operating assets to Sterlite (US)
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