Market Outlook: Indian markets will have a gap up opening today on the back of positive global cues. Supports for the Nifty are seen near 2570 and resistance is at 2680-2700. Overall markets are still weak and sell off will be seen at higher levels. Once the Nifty starts trading above 2700 then only one can expect some sort relief rally.
Nifty Outlook: Pivot point: 2612
R1: 2650, R2: 2684, R3: 2722
S1: 2579, S2: 2541, S3: 2507
Indian ADRs: Tata Motors up 11%, Wipro up 5%, Infosys, ICICI Bank up 4%, HDFC Bank up 2%
On the global front: Wall Street surges; Dow ends 240 points up followed by Asia trading higher; Nikkei up 4.4%. US markets surged on relief that a ratings cut by S&P in General Electric was just one notch and that no further cuts loomed, while retail sales data showed some stabilization in consumer spending. Wall Street closed out its best three-day run since the end of November after GE jumped nearly 13% as investors digested S&P's move to slash GE's credit rating to AA+ from AAA+ amid concerns about its GE Capital unit and changed the company's outlook from negative to stable.
Nifty Outlook: Pivot point: 2612
R1: 2650, R2: 2684, R3: 2722
S1: 2579, S2: 2541, S3: 2507
Indian ADRs: Tata Motors up 11%, Wipro up 5%, Infosys, ICICI Bank up 4%, HDFC Bank up 2%
On the global front: Wall Street surges; Dow ends 240 points up followed by Asia trading higher; Nikkei up 4.4%. US markets surged on relief that a ratings cut by S&P in General Electric was just one notch and that no further cuts loomed, while retail sales data showed some stabilization in consumer spending. Wall Street closed out its best three-day run since the end of November after GE jumped nearly 13% as investors digested S&P's move to slash GE's credit rating to AA+ from AAA+ amid concerns about its GE Capital unit and changed the company's outlook from negative to stable.
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