Market Outlook: Indian Equity Markets may have flat to positive on the back of mixed global cues. Some profit booking is expected after a three-day rally. It may trade in a range and consolidate here before making its next move. The Nifty may see upward momentum again if it manages to trade above 2800. Supports for the Nifty is seen near 2700-2730 while resistances at 2800-2860.
Corporate earning indications from fourth-quarter advance tax payouts seem to be a in a mixed bag. Financial services such as banking and insurance have emerged as clear winners, but engineering and construction companies have been impacted by the spillover of the global financial crisis into the real economy.
Advance tax Update: India’s advance tax collections till March 15, the last date for the payout, stood at Rs 2.82 lakh crore. While this is way below the budgeted Rs 3.95 lakh crore for FY09, the income tax department hopes the figure would approximate the previous fiscal’s Rs 3.2 lakh crore by the end of this fiscal. This is not so bad after all at given the significant slowdown in growth momentum from the second half of 2008.
Indian ADRs: ICICI Bank up 7%, HDFC Bank down 2%, Tata Motors down 4%, Satyam down 5%
On the global front: US mkts snap 4-day winning streak on credit-card defaults while Asian mkts trading slightly mixed: Nikkei up 115 pts. American Express fell over 3%, after it reported that credit-card delinquencies rose in February. The Dow Jones Industrial Average closed at 7,216.97, down 7.01 points or 0.10% and the Nasdaq was down 27.48 points or 1.92%, to 1,404.02. The S&P 500 went down 2.66 points or 0.35%, to 753.89.
Corporate earning indications from fourth-quarter advance tax payouts seem to be a in a mixed bag. Financial services such as banking and insurance have emerged as clear winners, but engineering and construction companies have been impacted by the spillover of the global financial crisis into the real economy.
Advance tax Update: India’s advance tax collections till March 15, the last date for the payout, stood at Rs 2.82 lakh crore. While this is way below the budgeted Rs 3.95 lakh crore for FY09, the income tax department hopes the figure would approximate the previous fiscal’s Rs 3.2 lakh crore by the end of this fiscal. This is not so bad after all at given the significant slowdown in growth momentum from the second half of 2008.
Nifty Outlook: Pivot point: 2753
R1: 2805, R2: 2833, R3: 2885
S1: 2725, S2: 2673, S3: 2645
R1: 2805, R2: 2833, R3: 2885
S1: 2725, S2: 2673, S3: 2645
Indian ADRs: ICICI Bank up 7%, HDFC Bank down 2%, Tata Motors down 4%, Satyam down 5%
On the global front: US mkts snap 4-day winning streak on credit-card defaults while Asian mkts trading slightly mixed: Nikkei up 115 pts. American Express fell over 3%, after it reported that credit-card delinquencies rose in February. The Dow Jones Industrial Average closed at 7,216.97, down 7.01 points or 0.10% and the Nasdaq was down 27.48 points or 1.92%, to 1,404.02. The S&P 500 went down 2.66 points or 0.35%, to 753.89.
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