Market Outlook: Indian markets still intact on a fresh upmove with no signs of weakness as yet. Global markets are supportive. The cluster of resistances is in a band of 10469-11150. It seems that the current momentum has steam to test the resistance range to 10469-11150 and can extend the rise further. Overseas factor are on cards as a major trigger for the markets as the economic stimulus hopes and the G-20 kept risk appetite at the higher end of the recent band.
Action is likely to be seen on counters like energy, engineering, capital goods and automobile stocks in the coming weeks. If the uptrend persists, banking stocks may prove to be a wildcard on the upsides. Bulls are advised to stay long in the markets until conclusive evidence emerges to reverse their positions.
Nifty Outlook: Pivot Point: 3167
R1: 3272, R2: 3334, R3: 3440
S1: 3105, S2: 2999, S3: 2937
Indian ADRs: Satyam up 10%, Wipro up 6%, HDFC Bk up 3%, ICICI Bk up 1%
On the global face: US mkts end with marginal gains while Asian markets trading higher; Hang Seng up 3.4%. US markets closed the week on a positive note. The Dow posts its biggest four week gain in 75 years. But more news on the economic front: the March unemployment rate jumped to the highest level since 1983. The economy lost 663,000 jobs; posting a jobless rate of 8.5%, treasuries slumped after the jobs report was better than economists' forecast. The benchmark 10-year note yields rose to 2.89% The Dow Jones closed up 36 points at 8,018, the NASDAQ added 19 points to close the day at 1,621. The S&P 500 gained 8 points and closed at 843.
Action is likely to be seen on counters like energy, engineering, capital goods and automobile stocks in the coming weeks. If the uptrend persists, banking stocks may prove to be a wildcard on the upsides. Bulls are advised to stay long in the markets until conclusive evidence emerges to reverse their positions.
Nifty Outlook: Pivot Point: 3167
R1: 3272, R2: 3334, R3: 3440
S1: 3105, S2: 2999, S3: 2937
Indian ADRs: Satyam up 10%, Wipro up 6%, HDFC Bk up 3%, ICICI Bk up 1%
On the global face: US mkts end with marginal gains while Asian markets trading higher; Hang Seng up 3.4%. US markets closed the week on a positive note. The Dow posts its biggest four week gain in 75 years. But more news on the economic front: the March unemployment rate jumped to the highest level since 1983. The economy lost 663,000 jobs; posting a jobless rate of 8.5%, treasuries slumped after the jobs report was better than economists' forecast. The benchmark 10-year note yields rose to 2.89% The Dow Jones closed up 36 points at 8,018, the NASDAQ added 19 points to close the day at 1,621. The S&P 500 gained 8 points and closed at 843.
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