==>> Home loans turn cheaper

Markets opened on the stronger note today. Nifty after a very long time traded above 3000 levels. Sensex made a high of 9948 and closed at 9832. Nifty and the Sensex both have a psychological resistance level at 3000 & 10000 levels respectively. Nifty target as in the near future given by me was 3200 and Nifty has a good resistance at 3152 levels.

From Tuesday all 28 state owned banks wil charge a concessional rate of 9.25% for loans below Rs.20 lakh and 8.5% for loans below Rs.5 lakh. The interest rate for micro industries has been cut by 100 bps, while for small and medium enterprises, it has been reduced by 50 bps. Both existing and the new customers will benefit from the move. But SMEs expected more rate cut.

Advance tax is less then expected. Indian Markets are not following the US markets, neither the US markets. In the last few trading sessions, our markets have outperformed the global markets.