Market Outlook: Indian equity markets will have flat to negative opening on account of weak global cues. Market supports are seen near 3300-3330 and resistances are at 3400-3450. The Nifty will consolidate here before making its next move.
We have entered the results season where market pegs hopes on INFOSYS Q4 numbers. . Infosys results are likely to be in-line with market expectations on profits forecast are down near 4.5-5%. We are anticipating a guidance which won’t be too positive. There are more concerns on the IT sector as a whole and if there is any negative in the results, it would affect the sector lookout than the market per se.
Nifty Outlook: Pivot Point: 3378
R1: 3422, R2: 3461, R3: 3505
S1: 3338, S2: 3294, S3: 3254
Results today: Infosys, Blue Dart, Rallis India, Supreme Industries
Indian ADRs ended mixed: Satyam was down 11.11%, Wipro was down 3.54%, ICICI Bank was down 4.07%, HDFC Bank was down 1.98% However, Telecom ADRs were up. Tata Communication was up 3.4%, MTNL was up 1.75%, in other sectors, Tata Motors was down 4.66%, Sterlite Industries was down 3.5% and Dr Reddy's Labs was down 2.34%.
On the global front: Wall Street slides led by financials; Dow slips 137 pts and Asia trading lower; Hang Seng, Nikkei down. The Wall Street slides led by financials on Goldman Sachs plans to issue $ 5 billion common equity; Citi soars on expectation of strong numbers while Intel slides after Q1 profit plunges 55%. US markets ended near their session lows after retail sales unexpectedly dropped in March and as investors remained worried about banks ahead of some key earnings. Retail sales tumbled 1.1% last month. Excluding the volatile auto component, sales fell 0.9%. Retail stocks skidded, with Macy's off 7.3%, JC Penney down 3.5% while Wal-Mart lost 0.8%. The Dow plunged 137.63 points, or 1.7%, at 7,920.18. The S&P 500 index declined 17.23 points, or 2%, to 841.50, and the NASDAQ composite index fell 27.59 points, or 1.7%, to 1,625.72.
We have entered the results season where market pegs hopes on INFOSYS Q4 numbers. . Infosys results are likely to be in-line with market expectations on profits forecast are down near 4.5-5%. We are anticipating a guidance which won’t be too positive. There are more concerns on the IT sector as a whole and if there is any negative in the results, it would affect the sector lookout than the market per se.
Nifty Outlook: Pivot Point: 3378
R1: 3422, R2: 3461, R3: 3505
S1: 3338, S2: 3294, S3: 3254
Results today: Infosys, Blue Dart, Rallis India, Supreme Industries
Indian ADRs ended mixed: Satyam was down 11.11%, Wipro was down 3.54%, ICICI Bank was down 4.07%, HDFC Bank was down 1.98% However, Telecom ADRs were up. Tata Communication was up 3.4%, MTNL was up 1.75%, in other sectors, Tata Motors was down 4.66%, Sterlite Industries was down 3.5% and Dr Reddy's Labs was down 2.34%.
On the global front: Wall Street slides led by financials; Dow slips 137 pts and Asia trading lower; Hang Seng, Nikkei down. The Wall Street slides led by financials on Goldman Sachs plans to issue $ 5 billion common equity; Citi soars on expectation of strong numbers while Intel slides after Q1 profit plunges 55%. US markets ended near their session lows after retail sales unexpectedly dropped in March and as investors remained worried about banks ahead of some key earnings. Retail sales tumbled 1.1% last month. Excluding the volatile auto component, sales fell 0.9%. Retail stocks skidded, with Macy's off 7.3%, JC Penney down 3.5% while Wal-Mart lost 0.8%. The Dow plunged 137.63 points, or 1.7%, at 7,920.18. The S&P 500 index declined 17.23 points, or 2%, to 841.50, and the NASDAQ composite index fell 27.59 points, or 1.7%, to 1,625.72.
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