>Daily Market and Technical Outlook (ICICI Direct)

Indian markets are likely to open positive on the back of strong global cues. Asian markets were positive in the morning on positive US data. Also, The Bank of Japan said yesterday it may provide as much as 1 trillion yen ($10 billion) in subordinated loans to banks in order to replenish capital and keep them lending. US stocks rose at least 2.5%, lead by gains in retail, technology and energy stocks. A surprise surge in US housing starts in February boosted investor confidence. Crude rose $2/bbl to reach near $49/bbl as equity markets continued to
move higher.

● The Sensex has supports at 8770 and 8700 and resistances at 9030 and 9130. The Nifty has supports at 2730 and 2710 and resistances at 2810 and 2840.

● Asian stocks gained, led by financial companies and automakers, after the Bank of Japan said it may provide subordinated loans to help banks replenish capital and US housing starts increased. Nikkei gained 1.4 points to trade at 7,950.5. Hang Seng gained 236.2 points, or 1.8%,
to trade at 13,114.3.

● US stocks surged on Tuesday as an unexpected leap in housing starts pushed Home Depot and other retailers higher while bullish comments from a broker on Cisco Systems helped technology shares rebound. The Dow Jones gained 178.73 points, or 2.48%, to 7,395.70.
The S&P 500 rose 24.23 points, or 3.21%, to 778.12. The Nasdaq jumped 58.09 points, or 4.14%, to 1,462.11.

● Stocks in news: Unitech, Tata Communications, Maytas Infra

To see full report: OPENING BELL 18-03-09