Stock Market Updates For February 28, 2014…

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Economic and Other News

India’s GDP data today
India’s GDP data is due today and is expected to show growthof 4.9% during the 3QFY14 quarter, according to a poll byReuters, largely in line with the 4.8% growth in the previousthree months.

World News

Japan factory output jump at the fastest pace in 2 years.
Japan’s industrial output rose 4.0% in January, suggesting thatrobust domestic demand is underpinning the economy. The risewas more than the median forecast for a 3.0 percent as companies’ ramp up production of cars and consumer appliances.It was also the fastest increase since output rose 4.2% in June2011.

Goods Orders Signal U.S. Factories Springing Back
Orders for U.S. durable goods excluding the volatile transportationcategory unexpectedly climbed in January by the most in eightmonths, a sign manufacturing is emerging from a slump inducedby harsh weather. The 1.1% increase was the biggest gain sinceMay and followed by a 1.9% drop in December that was largerthan previously estimated, according to Commerce Departmentdata issued today in Washington.

Market Trend

NIFTY – CMP 6328
Synopsis
Nifty opened with a positive bias & buying on dips waswitnessed leading the Index to finally close 0.6% positive.
Going forward, Till Nifty holds 6225, it can move upto 6298zone where it will face high resistance.
If Nifty breaks 6225 support zone, then 6160-6170 would beretested.
Daily Momentum is in positive territory while Weeklymomentum is in negative indicating choppy price action athigher levels.

Bank Nifty – CMP – 10730

Synopsis
Bank Nifty opened with a positive bias & buying on dips waswitnessed leading the Index to finally close 0.6% positive.
Going forward, till it holds 10650, it can move upto 10950 zonewhere it will face high resistance.
If breaks & sustains below 10650, would fall upto 10400-10350.
Daily Momentum is in positive territory while Weeklymomentum is in negative indicating choppy price action athigher levels.

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