Indian Market Outlook:
Strong Nonfarm data propelled the S&P 500 to 2134 which is the all time high for the American Index. Nifty is expected to open gap up at 8440-8450 which is above the Index's high of 8461 for the current year. Boosted by strong momentum, the SGX Nifty has tested its recent high of 8415 for the second time this year. Indian markets were facing strong resistance between the levels of 8390 and 8415.
However if the American market sentiments can guide the S&P beyond its long term resistance of 2134 thereby propel India's bench mark Nifty above 8415, then the next target according to Dynamic Levels is 8540. Nifty has its immediate support at 8295 which was tested on Friday last week. The top 5 gainers in Nifty Index on Friday were Tata Motors, Heromotocorp, Asian Paints, Indusind Bank, and Auropharma while the Rupee closed at 67.37 to a Dollar at the end of the day's trade.
International Market Outlook:
Strong Nonfarm Payroll data of 287K boosted Global markets on Friday even as the S&P 500 tested levels of 2120 and closed at the highs. The German Dax made a high of 9644 before closing at 9629 while gold prices saw a sharp decline of $29. The precious commodity fell from $1365 per ounce to make a low of $1336 backed by positive jobs data that shocked bullion markets. The commodity however recovered to close at $1358. Global markets continue to display strength backed by strong sentiments in Indian markets even as the Nifty remains confined between a narrow range of 8300 and 8415. If India's benchmark Nifty trades above 8415 the next target is 8560.
Help From: Dynamic Levels
Strong Nonfarm data propelled the S&P 500 to 2134 which is the all time high for the American Index. Nifty is expected to open gap up at 8440-8450 which is above the Index's high of 8461 for the current year. Boosted by strong momentum, the SGX Nifty has tested its recent high of 8415 for the second time this year. Indian markets were facing strong resistance between the levels of 8390 and 8415.
However if the American market sentiments can guide the S&P beyond its long term resistance of 2134 thereby propel India's bench mark Nifty above 8415, then the next target according to Dynamic Levels is 8540. Nifty has its immediate support at 8295 which was tested on Friday last week. The top 5 gainers in Nifty Index on Friday were Tata Motors, Heromotocorp, Asian Paints, Indusind Bank, and Auropharma while the Rupee closed at 67.37 to a Dollar at the end of the day's trade.
International Market Outlook:
Strong Nonfarm Payroll data of 287K boosted Global markets on Friday even as the S&P 500 tested levels of 2120 and closed at the highs. The German Dax made a high of 9644 before closing at 9629 while gold prices saw a sharp decline of $29. The precious commodity fell from $1365 per ounce to make a low of $1336 backed by positive jobs data that shocked bullion markets. The commodity however recovered to close at $1358. Global markets continue to display strength backed by strong sentiments in Indian markets even as the Nifty remains confined between a narrow range of 8300 and 8415. If India's benchmark Nifty trades above 8415 the next target is 8560.
Help From: Dynamic Levels
Nifty Poised To Open Gap Up On Strong Payroll Data
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