Quotes with Resistance & Support
Market Information

Sensex has support at 8880-8830: ICICIdirect.com

Posted on: February 27th, 2009 and is filed under Brokerage Recommendations.

According to ICICIdirect.com’s report, the Sensex has supports at 8880 and 8830 and resistances at 9040 and 9080.

ICICIdirect.com’s report: Indian markets are likely to open flat to negative, taking cues from global markets. Asian markets were mixed in the morning after Wall Street fell on poor data and fears the US government’s economic plans would limit profits. The rupee ended at its weakest close ever on Thursday as dollar demand from importers and an arbitrage play with offshore derivatives weighed. Also, traders said negative news on exports could see it fall further.

The inflation rate fell to a 14-month low of 3.36% for the week ended February 14 due to a decline in food prices and manufactured goods. The sharp fall in inflation is being seen as an evidence of weakening economic demand, with economists expecting the RBI to lower key interest rates to boost domestic demand.

The Sensex has supports at 8880 and 8830 and resistances at 9040 and 9080. The Nifty has supports at 2760 and 2750 and resistances at 2810 and 2830.

Asian stocks gained, as technology companies advanced on brokerage upgrades and commodity shares rose on higher metal and
oil prices. The Nikkei advanced 53.3 points, or 0.7%, to trade at 7,511.2. The Hang Seng gained 85.0 points, or 0.7%, to trade at 12,979.9.

US stocks fell in volatile trading on Thursday as investors sold off shares of healthcare companies such as Merck & Co on worries that US President Barack Obama’s budget proposal will strangle profits. The Dow Jones dropped 88.81 points, or 1.22% to 7,182.08. The S&P 500 shed 12.07 points, or 1.58% to 752.83. The Nasdaq fell 33.96 points, or 2.38%, to 1,391.47.

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