Market Outlook: Indian Markets may have flat to positive opening. The upward momentum seems to be exhausting and market may consolidate here and may retest 2860. The Nifty has supports at 2900-2915-2960 and resistances at 3050-3100-3150. Outlook for today’s session is that of continued optimism as the positive overseas cues and follow up buying are likely to buoy sentiments further. Hold longs with a stop loss at the 2950 levels.
Nifty Outlook: Pivot Point: 3013
R1: 3016, R2: 3101, R3: 3149
S1: 2973, S2: 2926, S2: 2885
Indian ADRs: Patni Computer up 7.6%, HDFC Bank up 9.13%, Tata Communication up 8.35%, Dr Reddys Labs up 9.76%
On the global front: US mkts end higher led by banks, IT; Dow up 87 points & Asian mkts gain ahead of G-20 meet; Nikkei up 3%. The US markets ended positive but off the day's high after a wave of selling pressure in late trade. Financials and technology were among the key gainers. At closing bell, all the three major indices had rebounded more than one percent each. The Dow Jones Industrial Average ended at 7,608.92, up 86.90 points or 1.16%. The NASDAQ Composite closed at 1,528.59, up 26.79 points or 1.78%. The S&P 500 was up 10.34 points or 1.31%, to settle at 797.87.
Nifty Outlook: Pivot Point: 3013
R1: 3016, R2: 3101, R3: 3149
S1: 2973, S2: 2926, S2: 2885
Indian ADRs: Patni Computer up 7.6%, HDFC Bank up 9.13%, Tata Communication up 8.35%, Dr Reddys Labs up 9.76%
On the global front: US mkts end higher led by banks, IT; Dow up 87 points & Asian mkts gain ahead of G-20 meet; Nikkei up 3%. The US markets ended positive but off the day's high after a wave of selling pressure in late trade. Financials and technology were among the key gainers. At closing bell, all the three major indices had rebounded more than one percent each. The Dow Jones Industrial Average ended at 7,608.92, up 86.90 points or 1.16%. The NASDAQ Composite closed at 1,528.59, up 26.79 points or 1.78%. The S&P 500 was up 10.34 points or 1.31%, to settle at 797.87.
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