Nifty has resistance at 2790-2810: ICICIdirect.com

According to ICICIdirect.com’s report, the Nifty has supports at 2730 and 2700 and resistances at 2790 and 2810.

ICICIdirect.com’s report: Indian markets are likely to open flat on the back of mixed global cues. Asian markets were on the advance in the morning despite a fall on Wall Street on Wednesday due to warnings of tougher market regulation, raising fears profits would suffer. Crude prices rose above $42 per barrel, after a US government report showed a sharp drop in gasoline inventories in the world’s top consumer. The rupee is expected to weaken on Thursday as demand for dollars from oil importers is expected to rise on the back of higher oil prices, while mixed Asian shares offer little comfort.

The Sensex has supports at 8880 and 8780 and resistances at 8970 and 9050. The Nifty has supports at 2730 and 2700 and resistances at 2790 and 2810.

Asian stocks gained, led by automakers and finance companies, as the yen weakened against the dollar and Australia and New Zealand Banking Group cut dividends to preserve capital. The Nikkei advanced 99.1 points, or 1.3%, to trade at 7,560.3. The Hang Seng fell 96.2 points, or 0.7%, to trade at 12,908.9.

Inflation for the week ended February 14 is expected at 3.31% against 3.92% last week.

US stocks fell on Wednesday after US President Barack Obama warned of stricter oversight for Wall Street, raising the spectre of greater regulation that investors fear could sap profits. The Dow Jones was down 80.05 points, or 1.09%, at 7,270.89. The S&P 500 was down 8.24 points, or 1.07%, at 764.90. The Nasdaq was down 16.40 points, or 1.14%, at 1,425.43.

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