Sensex has support at 8890-8780: ICICIdirect.com

According to ICICIdirect.com’s report, the Sensex has supports at 8890 and 8780 and resistances at 9110 and 9230. The Nifty has supports at 2770 and 2750 and resistances at 2830 and 2860.

ICICIdirect.com’s report:

Indian markets are likely to open positive, taking cues from Asian cues. The SGX Nifty was trading 30 points up in the morning. Other Asian markets were also trading positive in the morning on optimism that Japan will step up measures to bolster its economy and as commodity prices rose. Oil prices rose over 1% towards $53 a barrel on expectations that the US Treasury’s efforts to stabilise the ailing financial system would speed up a recovery of the US economy. The rupee is expected to open strong on rising Asian stock markets reviving hopes of capital inflows into the local share market.

The Sensex has supports at 8890 and 8780 and resistances at 9110 and 9230. The Nifty has supports at 2770 and 2750 and resistances at 2830 and 2860.

Asian stocks gained, led by banks and mining companies, on optimism that Japan will step up measures to bolster its economy and as commodity prices rose. The Nikkei advanced 158.5 points, or 2.0%, to trade at 8,104.5. The Hang Seng gained 261.5 points, or 2.0%, to trade at 13,095.0.

US stocks slid on Friday as the Federal Reserve’s plan to rekindle consumer and small business lending fell short of expectations and General Electric was hit by analysts’ bearish comments. The Dow Jones slipped 122.42 points, or 1.65%, to 7,278.38. The S&P 500 shed 15.50 points, or 1.98%, to 768.54. The Nasdaq lost 26.21 points, or 1.77%, to 1,457.27.

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