Nifty raised 3.46% on Tuesday after gap-up opening, stopping further dangerous fall. Heavy weights RIL, Sterlite industries and others rally lead the market to lift into safe zone again. Biggest positive for the moment is that there is no negative news flowing in the global market in short-term. Strong institutional hands were seen buying frontliners. The RBI left its repo and reverse repo rates unchanged.
Nifty broke first resistance at 2730 and moving towards 2789 which is next resistance.
On Tuesday, Nikkei raised over 5 per cent higher. Markets in Hong Kong, China, Taiwan, Korea, Singapore, Malaysia and Vietnam were closed for holidays.
Indian Markets on Wednesday January 28 2009:
As the F&O expiry in nearing and result season, market may be choppy.
Nifty Resistance/Support:
Resistance 2796-2821-2864
Support 2728-2685-2660
Nifty broke first resistance at 2730 and moving towards 2789 which is next resistance.
On Tuesday, Nikkei raised over 5 per cent higher. Markets in Hong Kong, China, Taiwan, Korea, Singapore, Malaysia and Vietnam were closed for holidays.
Indian Markets on Wednesday January 28 2009:
As the F&O expiry in nearing and result season, market may be choppy.
Nifty Resistance/Support:
Resistance 2796-2821-2864
Support 2728-2685-2660
From the EOD chart above, Slow STO is turning upwards which indicates probable rise of NIFTY.
European markets ended in flat after last minute rally. Dow was trading flat tonight. Two days FOMC Rate Decision Meeting in US has started on Tuesday which will take decision on interest rate. Asian markets are trading mix in morning.
Q3 Results today:
Tata Steel, Power Grid Corporation, Ashok Leyland Ltd , HPCL, Ispat Industries Ltd, HDIL and Tata Comm
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