Market Outlook: We expect a gap up opening as Asian markets showing sign of positive momentum, which may be followed by a breakout as Nifty looks set to breach the resistance level of 3,520. With the outcome of the general election results — the keenly-watched domestic events so far this year — still nearly two weeks away, the local market is expected to look overseas for cues on the short-term trend.
Results today: HDFC, Allahabad Bank, Indian Overseas Bank, Century Enka, Century Textiles, Everest Ind
Nifty Outlook: Pivot Level: 3442
R1: 3518, R2: 3562, R3: 3637
S1: 3398, S2: 3322, S3: 3278
Indian ADRs: Tata Motors down 3%, Satyam down 2%, Wipro, HDFC Bank up 1%
On the global face US mkts end with marginal gains; Dow up 44 points & Asia trading higher; Taiwan weighted up 5.5%. US markets rose to the highest since January, as better-than-expected reports on consumer confidence and manufacturing signaled the worst of the recession may be was over. Despite a lower start, the US stock market was able to finish a choppy trading session with modest gains, thanks largely to a rebound in energy stocks. However, trading volume was low, suggesting that many investors were sitting on the sidelines. The Dow Jones ended up 44.29 points or 0.54% at 8,212.41, the NASDAQ closed flat for the 8th straight week, gained just 2 points or 0.11% at 1719.20. Utilities, materials, energy stocks gained.
Results today: HDFC, Allahabad Bank, Indian Overseas Bank, Century Enka, Century Textiles, Everest Ind
Nifty Outlook: Pivot Level: 3442
R1: 3518, R2: 3562, R3: 3637
S1: 3398, S2: 3322, S3: 3278
Indian ADRs: Tata Motors down 3%, Satyam down 2%, Wipro, HDFC Bank up 1%
On the global face US mkts end with marginal gains; Dow up 44 points & Asia trading higher; Taiwan weighted up 5.5%. US markets rose to the highest since January, as better-than-expected reports on consumer confidence and manufacturing signaled the worst of the recession may be was over. Despite a lower start, the US stock market was able to finish a choppy trading session with modest gains, thanks largely to a rebound in energy stocks. However, trading volume was low, suggesting that many investors were sitting on the sidelines. The Dow Jones ended up 44.29 points or 0.54% at 8,212.41, the NASDAQ closed flat for the 8th straight week, gained just 2 points or 0.11% at 1719.20. Utilities, materials, energy stocks gained.
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