Market Outlook: Indian markets expected to open flat to negative range ahead of mixed global picture. 2850 remains a major resistance level while volatile action near 2700 level may not hold as a strong support. Upcoming elections may cast a shadow capping upsides. Inflation drastically fell to a two-decade low of 0.44% in the first week of March vs 2.43% as food and fuel items turned cheaper, Even markets are expecting this would soon turn negative which acts as concern to markets.
Nifty Outlook: Pivot Point: 2800.3
R1: 2829.2, R2: 2851.2, R3: 2880.1
S1: 2778.3, S2: 2749.4, S3: 2727.4
Indian ADRs: ICICI Bank, Tata Motors down 4%, HDFC Bank down 3%, Infosys up 2%, Satyam up 1%
On the global front: US mkts retreat on fall in financials; Dow ends 1.2% down and Asian mkts trading mixed; Hang Seng down 1%. US markets retreated, paring a global rally, as financial shares fell on growing skepticism that the Federal Reserve's plan to buy bonds will revive the economy. US Financial Index declined 8%, after rallying nearly 60% in the last 2 weeks. The Dow Jones Industrial Average fell 1.15% or 85.78 points, to close at 7,400.80. The NASDAQ Composite shut shop at 1,483.48, down 7.74 points or 0.52%. The S&P 500 lost 10.31 points or 1.30%, to 784.04. These indices witnessed profit booking after rallying nearly 17.5% in the past seven sessions, its best seven-day gain since 1939.
Nifty Outlook: Pivot Point: 2800.3
R1: 2829.2, R2: 2851.2, R3: 2880.1
S1: 2778.3, S2: 2749.4, S3: 2727.4
Indian ADRs: ICICI Bank, Tata Motors down 4%, HDFC Bank down 3%, Infosys up 2%, Satyam up 1%
On the global front: US mkts retreat on fall in financials; Dow ends 1.2% down and Asian mkts trading mixed; Hang Seng down 1%. US markets retreated, paring a global rally, as financial shares fell on growing skepticism that the Federal Reserve's plan to buy bonds will revive the economy. US Financial Index declined 8%, after rallying nearly 60% in the last 2 weeks. The Dow Jones Industrial Average fell 1.15% or 85.78 points, to close at 7,400.80. The NASDAQ Composite shut shop at 1,483.48, down 7.74 points or 0.52%. The S&P 500 lost 10.31 points or 1.30%, to 784.04. These indices witnessed profit booking after rallying nearly 17.5% in the past seven sessions, its best seven-day gain since 1939.
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