12 March 2008, 8.30 am
Market may rally on global cue
In the last two days when all global markets were falling on U.S. economy worries, Indian market were challenging too survive. The momentum oscillators on the hourly techincals of many front line stocks indicated a trend reversal as the Nifty found an intermediate bottom above 4600. As we calculated yesterday in our pre-market outlook Nifty could find support at 4730 and closed in a very positive level. Next immediate resistance of Nifty at 4935 may be broken in a gap up opening today. The next targets will be 4975 and 5050. 4820 should be an immediate support.
Global markets are in a strong rally as Fed announced some plans to recover the rescission worries in US economy. Dow Jones closed with again of 416 points. All Asians are in the same line with US. Nikkei of Japan is in a gain of 341 points in the morning session. Hang seng opened with a gap-up of 600 points.... The bulls are in action...
FIIs were sellers on Tuesday for 539 crores and DIIs bought for 303 cores, according to NSE provisional data.
The market breadth was very strong. NSE advances:declines was 1026:171
Market may rally on global cue
In the last two days when all global markets were falling on U.S. economy worries, Indian market were challenging too survive. The momentum oscillators on the hourly techincals of many front line stocks indicated a trend reversal as the Nifty found an intermediate bottom above 4600. As we calculated yesterday in our pre-market outlook Nifty could find support at 4730 and closed in a very positive level. Next immediate resistance of Nifty at 4935 may be broken in a gap up opening today. The next targets will be 4975 and 5050. 4820 should be an immediate support.
Global markets are in a strong rally as Fed announced some plans to recover the rescission worries in US economy. Dow Jones closed with again of 416 points. All Asians are in the same line with US. Nikkei of Japan is in a gain of 341 points in the morning session. Hang seng opened with a gap-up of 600 points.... The bulls are in action...
FIIs were sellers on Tuesday for 539 crores and DIIs bought for 303 cores, according to NSE provisional data.
The market breadth was very strong. NSE advances:declines was 1026:171
Nifty March 2008 futures were at 4846.30, at a discount of 19.60 points as compared to spot closing of 4865.90.
The NSE futures & options (F&O) segment turnover was Rs 38,176.25 crore, which was lower than Rs 42,402.30 crore on Monday, 10 March 2008.
Crude oil is correcting its record price every day, hits $ 109.05 a barrel on Tuesday and closed at 108.75
Tata communications Limited (12.11%) and HDFC Bank Ltd (10.46%) are biggest gainers of Indian ADRs at NYSE.