Dec 12, 2008, 09.49 AM | Source: Moneycontrol.com
According to ICICIdirect.com's report, the Nifty has supports at 2890 and 2870 and resistances at 2940 and 2960.
, ICICIdirect.com |
Indian markets are expected to open flat to negative on the back of negative global cues. Asian markets are trading negative on the back of negative US cues as the US Senate failed to agree on a bailout for the auto industry. We expect Indian markets to follow global cues and open flat to negative.
The Sensex has supports at 9550 and 9480 and resistances at 9700 and 9780. The Nifty has supports at 2890 and 2870 and resistances at 2940 and 2960.
Asian markets fell on Friday as investors kept a wary eye on prospects of a US automaker bailout. The head of JPMorgan Chase said its trading in the last two months had been "terrible." The Nikkei average slipped 1.3%, with a sharply stronger yen set to drag down exporters such as Canon. The Hang Seng was down 2.5%.
IIP data will be released today. It is expected to show a modest growth of 2.2%.
Inflation for the week ended November 29 stood at 8% against 8.4% a week earlier. We have seen a sharp decline in inflation numbers in the past few weeks. We expect the trend to continue in the coming weeks after the recent fuel price cut by the government.
US stocks fell on Thursday on dimming prospects of a bailout for automakers, while bleak comments about the banking sector from JPMorgan's chief executive prompted investors to sell financial shares. The Dow Jones fell 196.33 points, or 2.24%, to 8,565.09. The S&P 500 slid 25.65 points, or 2.85%, to 873.59. The Nasdaq lost 57.60 points, or 3.68%, to 1,507.88.
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