Market Outlook: Indian Markets may have positive opening ahead of mixed cues from the global peers. Nifty is now consolidating and the broader range is now 2700- 2850. There are no fresh triggers and the falling dollar may help commodities to remain in uptrend. Therefore, Metal, Oil & Gas sectors may help the Nifty to trade above 2700. Technically the up move is still intact in the zone of resistance where profit booking is the order of the day especially in the week of an F&O expiry. We expect Nifty to close this series around 2700.
Nifty Outlook: Pivot point: 2799
R1: 2824, R2: 2841, R3: 2866
S1: 2781, S2: 2756, S3: 2739
Indian ADRs: Tata Motors up 5%, Satyam down 7%, ICICI Bank down 6%, HDFC Bank down 5%
On the global front: Wall Street ends lower; Dow down 122 points while Asia trading firm; Hang Seng, Nikkei up. US stocks tumbled once again led by weakness in banks, but closed positive for the second week, the first consecutive weeks of gains for the Dow since May. A wave of selling pressure sent stocks into negative territory in the second half of the session after a choppy first half. Trading volumes remained high. The headline event of the session, a speech by Ben Bernanke on the financial system, didn't give the market any big surprises. Bernanke said that the issues of “Too-Big-To-Fail” companies need to be addressed. The Dow industrials shed 122.42 points, or 1.7%, to 7,278.38. The S&P 500 index slid 15.50 points, or 2%, to 768.54 and the NASDAQ composite index fell 26.21 points, or 1.8%, to 1,457.27.
Nifty Outlook: Pivot point: 2799
R1: 2824, R2: 2841, R3: 2866
S1: 2781, S2: 2756, S3: 2739
Indian ADRs: Tata Motors up 5%, Satyam down 7%, ICICI Bank down 6%, HDFC Bank down 5%
On the global front: Wall Street ends lower; Dow down 122 points while Asia trading firm; Hang Seng, Nikkei up. US stocks tumbled once again led by weakness in banks, but closed positive for the second week, the first consecutive weeks of gains for the Dow since May. A wave of selling pressure sent stocks into negative territory in the second half of the session after a choppy first half. Trading volumes remained high. The headline event of the session, a speech by Ben Bernanke on the financial system, didn't give the market any big surprises. Bernanke said that the issues of “Too-Big-To-Fail” companies need to be addressed. The Dow industrials shed 122.42 points, or 1.7%, to 7,278.38. The S&P 500 index slid 15.50 points, or 2%, to 768.54 and the NASDAQ composite index fell 26.21 points, or 1.8%, to 1,457.27.
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