Market Outlook: Indian Equity market will have negative opening today on account of weak global cues. These dips should be used to buy. Nifty has supports at 3100-3130-3180 and resistances at 3330-3350. Overall outlook for the markets is that of guarded optimism as the higher levels are attracting profit booking attempts and as the benchmarks head towards their 200 day SMA's, nervous unwinding is expected.
Nifty Outlook: Pivot Point: 3257
R1: 3303, R2: 3349, R3: 3395
S1: 3210, S2: 3164, S3: 3118
Indian ADRs: Satyam down 9%, HDFC Bank down 3%, ICICI Bank, Tata Motors down 2%
On the global face: Wall Street declines; Dow ends down 186 pts & Asian markets trading weak; Hang Seng down 2%. The US markets slipped into the red over investor concerns about the banking industry and possibility of a dire first-quarter earnings season. Banks took a hit amid expectations that the International Monetary Fund, IMF will report toxic debts held by banks and insurers spiraling to 4 trillion dollars. Shares of Bank of America and JP Morgan chase dropped 1.6 percent and 3.4 percent, respectively, while Citigroup advanced 1.5 percent. The Dow slipped 186.29 points, or 2.3%, to 7,789.56. The S&P 500 index plunged 19.93 points, or 2.4%, to 815.55, while the NASDAQ composite index fell 45.10 points, or 2.8%, to 1,561.61.
Nifty Outlook: Pivot Point: 3257
R1: 3303, R2: 3349, R3: 3395
S1: 3210, S2: 3164, S3: 3118
Indian ADRs: Satyam down 9%, HDFC Bank down 3%, ICICI Bank, Tata Motors down 2%
On the global face: Wall Street declines; Dow ends down 186 pts & Asian markets trading weak; Hang Seng down 2%. The US markets slipped into the red over investor concerns about the banking industry and possibility of a dire first-quarter earnings season. Banks took a hit amid expectations that the International Monetary Fund, IMF will report toxic debts held by banks and insurers spiraling to 4 trillion dollars. Shares of Bank of America and JP Morgan chase dropped 1.6 percent and 3.4 percent, respectively, while Citigroup advanced 1.5 percent. The Dow slipped 186.29 points, or 2.3%, to 7,789.56. The S&P 500 index plunged 19.93 points, or 2.4%, to 815.55, while the NASDAQ composite index fell 45.10 points, or 2.8%, to 1,561.61.
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