Thursday, March 5, 2009

BOR: Market Outlook: Indian Markets may have a positive opening today following the global cues.

Market Outlook: Indian Markets may have a positive opening today following the global cues. RBI's rate cut was in line with expectations as per markets. All eyes are on Inflation data which is expected to be near 3.03% Vs 3.36% & even expecting a likely cut in diesel prices as a aid to election saga. Supports for Nifty are at 2600 and resistance are at 2700-2750. Nifty may trade in a range and may remain sideways. Traders may go long near support for quick intraday gains.

Economic Alert: Expected Annual inflation seen at 3.03 pc on Feb 21 Vs 3.36 pc last week. RBI cuts repo rate by 50 bps to 5%, reverse repo rate by 50 bps to 3.5% with immediate effect and sources say Government likely to cut diesel prices by Rs 2-3/litre.

Nifty Outlook: Pivot Point: 2637
R1: 2663, R2: 2663, R3: 2707
S1: 2619, S2: 2593, S3:2575

Indian ADRs: Tata Motors up 10%, ICICI Bank, HDFC Bank, Infosys up 4%, Satyam down 1%

On the global front: Wall Street rebounds from 12-year lows; Dow up 150 pts while Asian markets trading mixed; Nikkei up 2.7%. US markets rebounded off of 12-year lows after the Obama administration launched its mortgage-rescue plan to stem mortgage defaults. The Dow Jones Industrial Average closed at 6,875.84 after gaining 149.82 points or 2.2%. The S&P 500 Index rose 16.54 points or 2.4% to end at 712.87 while the Nasdaq Composite Index shut shop at 1,354.74 after gaining 32.73 points or 2.5%.

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