Tuesday, February 22, 2011

India Stock market news

Global Equity markets are witnessing strong selling pressure geo-political tensions in Libya and Bahrain raised concerns over oil supplies while a downgrade of Japan's credit rating outlook by rating agency Moody imputed its ability to tackle its massive debt.

In the domestic space, The NSE Nifty is expected to open in the red due to the weak sentiment globally. The Critical Support level for today is seen at 5477 wherein if Nifty stays above this level, overall trend in the market shall remain strong. The first Target for the day is 5532 and after some consolidation around this level, the benchmark may slowly creep towards the Major Resistance at 5578. However below 5477, the Index may drift towards the first Support at 5460. A fall below this mark may get Support around 5432 level.

Reliance Industries may move up 3-4% at open after the
company, post market hours Monday, said British oil major BP will acquire 30%
stake in 23 of its oil and gas blocks for $7.2 bln. The deal is definitely a positive for the company and the valuations look good, today expect Reliance Industries to test 978-980, but the stock has risen over 6% in the past seven sessions.

Satyam Computer is likely to gain on news its business process
outsourcing arm has renewed an order with geospatial services provider,
NAVTEQ, for two years.
Ranbaxy Laboratories will be in focus as the company will detail its Oct-Dec earnings today.expects Ranbaxy to post net profit at 313 cr,

Some price action may also be seen in shares of Wockhardt following news
it has entered into a pact with US-based Sheffield Bio-Science for
distribution and sales of its recombinant insulin

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