Market Outlook: Indian Markets will have a positive opening today on the back of strong global support. Nifty has supports at 4000-4050 and resistances are at 4200-4250. Some volatility is expected ahead of settlement. Overall Outlook for the markets today is that of caution as unwinding may accelerate momentum.
Nifty Outlook: Pivot Point: 4155
R1: 4217, R2: 4318, R3: 4381
S1: 4054, S2: 3991, S3: 3890
Indian ADRs: Patni gains 9.2%, Tata Comm down 11.4%
On the global front: Wall St gains on better consumer data; Nasdaq up 3.5% & Asia trading higher; Hang Seng, Nikkei up. The US markets finished near their highs for the day on Tuesday as consumer confidence hit its highest level in eight months and a brokerage upgrade on apple drove sharp gains on the NASDAQ. The consumer confidence index which came in a better than expected at 54.9 in May from a revised 40.8 in April. But there was some disappointing economic data as well. S&P case-shiller home-price index tumbled 19.1 percent in the first quarter, the biggest quarterly drop in the measure's history. The Dow gained 196.17 points, or 2.4%, to 8,473.49. The S&P 500 index added 23.33 points, or 2.6%, to 910.33, and the NASDAQ rose 58.42 points, or 3.5%, to 1,750.43.
Nifty Outlook: Pivot Point: 4155
R1: 4217, R2: 4318, R3: 4381
S1: 4054, S2: 3991, S3: 3890
Indian ADRs: Patni gains 9.2%, Tata Comm down 11.4%
On the global front: Wall St gains on better consumer data; Nasdaq up 3.5% & Asia trading higher; Hang Seng, Nikkei up. The US markets finished near their highs for the day on Tuesday as consumer confidence hit its highest level in eight months and a brokerage upgrade on apple drove sharp gains on the NASDAQ. The consumer confidence index which came in a better than expected at 54.9 in May from a revised 40.8 in April. But there was some disappointing economic data as well. S&P case-shiller home-price index tumbled 19.1 percent in the first quarter, the biggest quarterly drop in the measure's history. The Dow gained 196.17 points, or 2.4%, to 8,473.49. The S&P 500 index added 23.33 points, or 2.6%, to 910.33, and the NASDAQ rose 58.42 points, or 3.5%, to 1,750.43.
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