Market Outlook: Expect Indian markets to open in negative today on the back of selloff on the global counters. 4980 being the 200-day DMA is expected to act as a good support level in the near term. The long-term support for the market stands at 4675 and is a crucial level for investors looking at long-term investments. The market seems to be a bit jittery as of now and investors should wait for some more consolidation before taking any fresh positions.
Global Events to watch for today:
- Bank Reserve Settlement
- MBA Purchase Applications
- Consumer Price Index
Global indices Update @ 8:
Dow Jones : 10510 (- 114.8)
NASDAQ : 2317 (- 36.97)
Nikkei 225 : 10079 (- 163.6)
Hang seng : 19554 (- 390.9)
SGX CNX Nifty : 4980 (- 84.50)
INR / 1 USD : 45.55
Stocks in action for the day : Bank of Rajasthan, RIL, RNRL, Take Solutions, Godrej Consumer
Bank of Rajasthan to merge with ICICI Bank: After being under the regulator
RIL, RNRL begin ' talks' on gas deal: Reliance Industries (RIL) and Reliance Natural Resources (RNRL) on Tuesday started informal talks on a possible gas supply agreement after the Supreme Court in its judgement on May 7 ordered the two companies to renegotiate the gas supply master agreement (GSMA) in accordance with government policy.
BSNL selects four firms for WiMax project: Bharat Sanchar Nigam has given Letters of Intent (LoI) to Teracom, Take Solutions, Adishwar
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