Market Outlook: Market may have gap up opening today as action was seen in global peers which was witnessed during the trading holidays. After a gap up Nifty may trade in a ranged move till 2500 is not breached decisively. Supports are seen near 2500- 2550 and resistance are at 2630-2680. Traders should wait for the rallies to go short. Market could take direction after January IIP data release due in the noon session.
Nifty Outlook: Pivot Point: 2583
R1: 2611, R2: 2649, R3: 2676
S1: 2645, S2: 2517, S3: 2479
Indian ADRs: ICICI Bank, Tata Motors down 3%, HDFC Bank down 2%, Satyam down 1%
On the global front: Wall Street ends with marginal gain while Asian markets trading mixed; Nikkei down 1%. US markets ended flat led by financial and tech stocks after a rocky session. Financials ended mostly higher as investors were encouraged about government plans to stabilise banks. Treasury Secretary Timothy Geithner stated that the plan to deal with toxic assets was nearing completion.
Nifty Outlook: Pivot Point: 2583
R1: 2611, R2: 2649, R3: 2676
S1: 2645, S2: 2517, S3: 2479
Indian ADRs: ICICI Bank, Tata Motors down 3%, HDFC Bank down 2%, Satyam down 1%
On the global front: Wall Street ends with marginal gain while Asian markets trading mixed; Nikkei down 1%. US markets ended flat led by financial and tech stocks after a rocky session. Financials ended mostly higher as investors were encouraged about government plans to stabilise banks. Treasury Secretary Timothy Geithner stated that the plan to deal with toxic assets was nearing completion.
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