Market Outlook: The momentum remains positive Indian Markets may have flat to positive opening today with firm support from the global peers. Nifty has supports at 4400-4450 and resistances are at 4600 -4650 while it may see some profit booking in the short-term. Nifty may consolidate and trade in a range before making its next move.
Nifty Outlook: Pivot Point: 4521
R1: 4590, R2: 4656, R3: 4725
S1: 4455, S2: 4385, S3: 4320
Results today: Nalco, Mcleod Russel, DCM Shriram Consolidated
Indian ADRs: Satyam up 21%, Infosys, Tata Motors up 2%, ICICI Bank down 1%
On the global front: Wall Street ends flat; Dow up 19 points while Asian markets trading firm; Hang Seng, Nikkei. The US markets ended flat with a positive bias. Investors were encouraged by the sharpest jump in pending-home sales in seven and a half years. Financials stocks fell reflecting the correction in the sector following the latest round of stock offerings to pay back government bailout funds In economic data, US investors were encouraged by a report that showed pending sales of previously owned US homes shot up 6.7% in April. It was the biggest jump since October 2001 and was well above the 0.5% expected. The Dow rose 19.43 points, or 0.2%, to 8,740.87. The S&P 500 index rose 1.87 points, or 0.2%, to 944.74, and the NASDAQ composite index added 8.12 points, or 0.4%, to 1,836.80.
Nifty Outlook: Pivot Point: 4521
R1: 4590, R2: 4656, R3: 4725
S1: 4455, S2: 4385, S3: 4320
Results today: Nalco, Mcleod Russel, DCM Shriram Consolidated
Indian ADRs: Satyam up 21%, Infosys, Tata Motors up 2%, ICICI Bank down 1%
On the global front: Wall Street ends flat; Dow up 19 points while Asian markets trading firm; Hang Seng, Nikkei. The US markets ended flat with a positive bias. Investors were encouraged by the sharpest jump in pending-home sales in seven and a half years. Financials stocks fell reflecting the correction in the sector following the latest round of stock offerings to pay back government bailout funds In economic data, US investors were encouraged by a report that showed pending sales of previously owned US homes shot up 6.7% in April. It was the biggest jump since October 2001 and was well above the 0.5% expected. The Dow rose 19.43 points, or 0.2%, to 8,740.87. The S&P 500 index rose 1.87 points, or 0.2%, to 944.74, and the NASDAQ composite index added 8.12 points, or 0.4%, to 1,836.80.
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