>Daily Market & Technical Outlook (ICICI Direct)

● Indian markets are likely to open flat, taking cues from global markets. Asian markets were trading mixed in the morning despite good news on the US Fed’s plan to buy treasuries to boost the economy. US stocks gained after the Federal Reserve on Wednesday stunned markets by announcing it would pump another $1 trillion into the ailing US economy by buying long-term government debt for the first time since the 1960s and by expanding its purchases of mortgage
bonds. We expect Indian indices to follow global cues and inflation data today.

● Inflation for the week ended March, 7 is expected at 0.89% against 2.43% in the previous week.

● The Sensex has supports at 8800 and 8700 and resistances at 9080 and 9160. The Nifty has supports at 2770 and 2750 and resistances at 2840 and 2850.

● Asian markets were mixed despite the US Federal Reserve announcing its plan to buy $1 trillion of bonds that spurred speculation that lower borrowing costs will revive economic growth. The Nikkei fell 49.3 points, or 0.6%, to trade at 7,922.9. The Hang Seng fell 159.4 points, or 1.2%, to trade 12,957.7

● US stocks rallied on Wednesday after the Federal Reserve surprised Wall Street when it said it will buy long-term Treasury bonds for the first time in four decades in an effort to revive the recession-hit economy. The Dow Jones gained 90.88 points, or 1.23 %, to 7,486.58. The S&P 500 advanced 16.23 points, or 2.09 %, to 794.35. The Nasdaq rose 29.11 points, or 1.99 %, to 1,491.22

● Stocks in news: ICSA India, Essar Shipping, BEML and MindTree

To see full report: OPENING BELL 190309