Market Outlook: Indian Equity market may have flat to positive opening today on the back of continued optimism subject to positive overseas cues. Supports are seen near 2915-2923 & resistances are at 3030-3050 and 3080. The Nifty may remain volatile on account of settlement day but biases are on upside and dips should be used to initiate long positions.
Inflation Update: Annual inflation rate is forecast to have dropped closer to zero the lowest for the current series, due to a fall in commodity prices such as sugar and iron, a poll showed. The forecast is expected near 0.13% rise in the wholesale price index in the 12 months to March 14, after a rise of 0.44% in the previous week.
Nifty Outlook: Pivot Point: 2968
R1: 3012.4, R2: 3041, R3: 3086
S1: 2939, S2: 2894, S3: 2866
Indian ADRs: Tata Motors down 6%, HDFC Bank up 5%, Infosys, Satyam up 2%
On the global front: US mkts end positive on better-than-expected economic data and Asian markets trading higher; Hang Seng up 2.7%. The US markets rose on Wednesday as an unexpected growth in durable-goods orders and new-home sales boosted optimism that the country's economy was stabilising. Trading was volatile as poor demand in a US Treasury auction offset the rally for a bit. The Dow gained 89.94 points or 1.17% to close at 7,749.81. The S&P 500 Index added 7.63 points or 0.95% to shut shop at 813.88. The NASDAQ Composite Index was up 12.43 points or 0.82% to end at 1,528.95.
Inflation Update: Annual inflation rate is forecast to have dropped closer to zero the lowest for the current series, due to a fall in commodity prices such as sugar and iron, a poll showed. The forecast is expected near 0.13% rise in the wholesale price index in the 12 months to March 14, after a rise of 0.44% in the previous week.
Nifty Outlook: Pivot Point: 2968
R1: 3012.4, R2: 3041, R3: 3086
S1: 2939, S2: 2894, S3: 2866
Indian ADRs: Tata Motors down 6%, HDFC Bank up 5%, Infosys, Satyam up 2%
On the global front: US mkts end positive on better-than-expected economic data and Asian markets trading higher; Hang Seng up 2.7%. The US markets rose on Wednesday as an unexpected growth in durable-goods orders and new-home sales boosted optimism that the country's economy was stabilising. Trading was volatile as poor demand in a US Treasury auction offset the rally for a bit. The Dow gained 89.94 points or 1.17% to close at 7,749.81. The S&P 500 Index added 7.63 points or 0.95% to shut shop at 813.88. The NASDAQ Composite Index was up 12.43 points or 0.82% to end at 1,528.95.
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