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MARKET VIEW 04.03.2010 THURSDAY
NIFTY Support 4980.65 & 4944.35 NIFTY Resistance 5041.35
BSE Sensex 17000 the crucial support on the Sensex on the downside is 16480 and resistance at 17109-17272
WORLD & COMMODITY MARKET VIEW 03.03.2010
Asian Markets Asian markets trading lower on Thursday.
Nikkei Stock Average 225 down 7.15 percent at 10,245.99.
Hang Seng Index down 0.14 pct at 20,876.79.
KOSPI Index down 0.17 pct at 1,625.21.
Shanghai Composite Index down 0.13 pct at 3,093.01.
US Markets US Markets ended flat on Wednesday. Dow Jones industrial average was down 9 points, down 0.09 percent, to 10,397. The Standard & Poor's 500 index ended flat at 1,119. The tech-heavy NASDAQ composite index ended flat to settle 2,281.
European Stocks Ended Higher European Markets ended higher on Wednesday. Britain’s FTSE 100 index ended up 0.90 percent up 49 points to 5,533 ,Germany's DAX ended up 0.72 percent up 41 points to 5,818,France's CAC 40 ended up 0.80 percent at 3,843 . Commodities Crude oil was up 1 cent to trade at $80.88 a barrel. Gold settle at $1,144 an ounce
The crucial support on the downside for the Nifty is 5000 and resistance at 5068-5125
BSE Sensex(16773) the crucial support on the Sensex on the downside is 16480 and resistance at 16965-17109
WORLD & COMMODITY MARKET VIEW 03.03.2010
US Markets US Markets ended flat on Tuesday. Dow Jones industrial average was up 2 points, up 0.02 percent, to 10,406 . The Standard & Poor's 500 index ended up 0.23 percent to settle at 1,118. The tech-heavy NASDAQ composite index up 0.32 percent up 7 points to 2,281.
European Stocks Ended Higher European Markets ended higher on Tuesday. Britain’s FTSE 100 index ended up 1.45 percent up 78 points to 5,484 ,Germany's DAX ended up 1.10 percent up 63 points to 5,777 ,France's CAC 40 ended up 1.12 percent at 3,812 . Commodities Crude oil was up 7 cents to trade at $79.76 a barrel. Gold settle at $1,137
Indian markets closed above crucial resistance levels Monday after sentiments turned bullish after Finance Minister Pranab Mukherjee presented the Union Budget for 2010-11 in the parliament. Positive cues from global markets also boosted sentiments.
Indices opened with a gap-up for the first time after the budget was announced Friday. The rally was led by auto, metals and banking space. Realty stocks were under pressure for most part of the day but pared losses towards the close. Market also cheered February sales figures from Tata Motors.
The FY11 Union Budget is a more balanced, pro-growth policy document. More money has been put into consumers’ pockets, creating an enabling environment for substituting government consumption with accelerated growth in personal consumption. Headline fiscal deficit target of 5.5% for FY11 is broadly in line with our estimate. While non-tax revenue assumptions are aggressive (US$16 billion from disinvestments, 3G auction), the resolve to get them going gives us confidence that the target will most likely be achieved.
National Stock Exchange’s Nifty closed the day at 5017, up 94.7 points or 1.92 per cent. The broader index hit a high of 5029.45 and low of 4935.35 intraday.
Bombay Stock Exchange’s Sensex ended at 16,772.56, up 343.01 points or 2.09 per cent. The index touched a high of 16,808.49 and low of 16438.45 during the session.
BSE Midcap Index was up 2.31 per cent and BSE Smallcap Index moved 2.43 per cent higher.
Technically, Nifty has closed just above its 20-week EMA (Exponential Moving Average) (currently at 4919) and on lower side, 100-day MA currently at 4744 and then 50-week EMA currently at 4611 may remain important support for markets. Taking into consideration last week’s action, important hurdles to watch out for in near term are 4960-5000 levels on Nifty. Any close above this range may see Nifty testing earlier highs of 5200-5300 levels.
Lot will depend on how the global markets pan out. Foreign funds flow will continue to play an important role in directing the course of our markets. For further upmove indices need to close above the mentioned hurdle of 4960-5000 range with strong volumes. Failure to do so may see indices retracing part of last three week’s gain,” according to a Reliance Money report.
Amongst the sectoral indices, BSE Auto Index surged 4.74 per cent, BSE Metal Index advanced 4.02 per cent and BSE Bankex gained 2.47 per cent.
Biggest Nifty gainers were Tata Motors (13.41%), Tata Steel (6.21%), Mahindra & Mahindra (5.76%), Tata Power (5.54%) and Hindalco Industries (5.41%).
Tata Motors reported a consolidated net profit of Rs 650 crore for the December quarter of 2009, after suffering a loss of Rs 2600 crore last year. The profit was boosted by rise in sales and margins at its Jaguar-Land Rover unit in London as buyers returned after the global crisis. Further, the company reported 58 per cent jump sales at 69,427 units in February 2010, against 43,811 units sold in the same month last year. The company's passenger vehicle sales in the domestic market grew 43.7 per cent at 29,241 units in the reporting month against 20,348 units in the same period last year, its highest ever sale. Total exports jumped over twofold at 3,237 units compared to 1,318 units in the same month last year. BPCL (-4.09%), DLF (-1.93%), GAIL (-1.45%), ABB (-1.25%) and ONGC (-1.04%) were the losers. Market breadth on BSE remained positive with 2,059 advances against 768 declines. European markets were flat to positive and US stocks are also expected to open little changed. At 4:15 pm IST, Dow Jones futures was down 0.02 per cent, S&P 500 slipped 0.03 per cent and Nasdaq 100 was up 0.16 per cent.
Resistance for Nifty is at 4970 (closing basis) Support at 4920.
BSE Sensex (16430) the crucial support on the Sensex on the downside is 16200 and resistance at 16714-16965
WORLD & COMMODITY MARKET VIEW 02.03.2010
US Markets
US Markets ended higher on Monday. Dow Jones industrial average was up 78 points, up 0.76 percent, to 10,404. The Standard & Poor's 500 index ended up 1.58 percent to settle at 2,274. The tech-heavy NASDAQ composite index up 1.58 percent up 35 points to 2,274
European Stocks Ended Higher
European Markets ended higher on Monday. Britain’s FTSE 100 index ended up 0.96 percent up 51 points to 5,406,Germany's DAX ended up 2.06 percent up 115 points to 5,714 ,France's CAC 40 ended up 1.64 percent at 3,770 Commodities
Crude oil was up 10 cents to trade at $78.80 a barrel. Gold settle at $1,118 an ounce
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