About Us:
Bank of Research (BOR) is an autonomous investment blogspot to guide Investors for Indian listed equity. Our mission is to unearth investment opportunities leveraging on our fact-search, timely, and actionable research. We use our knowledge & network to identify long-term investment opportunities
Market Outlook: Indian markets will have a positive opening today as Global cues have turned favorable and may consolidate for some time before resuming its uptrend. The market gave a reaction as expected and the market closing in the negative and generating in the process a typical reversal pattern which basically means a profit booking time. Nifty has supports at 3250-3300 and resistance is at 3420-3500. Traders should buy on dips. The unwinding of long and speculative positions that began yesterday may continue today.
Indian ADRs: Infosys up 3%, HDFC Bank up 1%, Tata Motors down 3%, ICICI Bank down 2%
On the global front: US mkts end higher; NASDAQ up 2.7% while Asian markets trading firm; Nikkei up 2.2%. Despite a slow, choppy start, the US markets ended the day higher. As investors were encouraged by JP Morgan's results and techs rallied amid anticipation of better results from Google. JP Morgan Chase rose 2.1% after the bank reported its earnings which were better than expectations. In economic news, initial jobless claims fell for the second straight week to 610,000. However, continuing claims continued to rise & topped 6 million for the first time. And housing starts dropped 10.8% in March after a 17.2% rise in February. Meanwhile, foreclosure activity leapt 46% in March from a year earlier. The Dow Jones industrial average was up 95.81 points, or 1.2%, at 8,125.43. The S&P 500 index gained 13.24 points, or 1.6%, to 865.30, and the NASDAQ composite index added 43.64 points, or 2.7%, to 1,670.44.
No comments:
Post a Comment