Monday, March 2, 2009

BOR: Market Outlook: Market will have negative opening today following the global sell off.

Market Outlook: Market will have negative opening today following the global sell off. There are no domestic triggers for any significant up move. Nifty may trade in a narrow range without any directional move. A support for Nifty is seen near 2680-2700 levels while resistances are at 2800-2830. The sentiment remains negative and the market is likely to fall further from here so, suggest selling on every rally. Positive on Reliance rather than Reliance Petroleum, but feel trading opportunities will not exist as news will be priced in on opening.

Nifty Outlook: Pivot Level: 2753

R1: 2797, R2: 2831, R3: 2876

S1: 2719, S2: 2674, S3: 2640

Indian ADRs: Satyam down 19%, Tata Motors down 5%, Wipro down 4%, ICICI Bank down 3%

On the global front: US markets open weak; Dow down 120 points and Asia trading weak; Nikkei tumbles 3.2% The US markets have opened weak. The Dow Jones Industrial Average is down 120.42 points or 1.68% to 7,061.66. The NASDAQ is down 16.56 points or 0.67% to 1,374.91 and S&P 500 is down 15.76 points or 2.09% to 737.07.


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