Sensex has support at 8960-8880: ICICIdirect.com

According to ICICIdirect.com’s report, the Sensex has supports at 8960 and 8880 and resistances at 9100 and 9130.

ICICIdirect.com’s report: Indian markets are likely to open.. negative taking cues from global markets. Asian markets were sharply lower in the morning as financial stocks, poor economic data and Wall Street’s tumble sent investors on a selling spree. US markets closed down 4-6%, on Barack Obama’s inauguration day, led by a fall in banking stocks. The rupee is expected to weaken to fresh one-week lows on Wednesday on concerns of capital outflows from the local share market following weak Asian stock markets and the dollar’s strength against some currencies.

The Sensex has supports at 8960 and 8880 and resistances at 9100 and 9130. The Nifty has supports at 2740 and 2730 and resistances at 2800 and 2820.

Asian stocks declined in the morning session, led by financial companies and metals producers, on concerns that mounting bank losses worldwide will intensify the global recession and squeeze demand for the region’s commodities. The Nikkei fell 155.9 points, or 1.9%, to trade at 7,909.9. The Hang Seng declined 323.6 points, or 2.5%, to trade at 12,636.2.

Wall Street ushered in the Barack Obama presidency with a record Inauguration Day drop on Tuesday amid fresh signs the global banking crisis was far from over. The Dow Jones dropped 332.13 points, or 4.01%, to 7,949.09. The S&P 500 slid 44.90 points, or 5.28%, to 805.22. The Nasdaq tumbled 88.47 points, or 5.78%, to 1,440.86.

source: Moneycontrol

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