>Daily Market & Technical Outlook (ICICI Direct)

Market outlook
* Indian markets are likely to open positive, taking cues from the global markets. The SGX Nifty was trading 30 points higher in the morning. Other Asian markets were trading in a narrow band in the morning after most major overseas centres were closed on Friday due to the long Easter weekend. US stocks rose for the fifth week as the outlook for US banks was more optimistic after Wells Fargo’s forecasted better-than-expected quarterly results kept sentiments positive. US investors are keenly awaiting more US bank results due this week, including Citigroup on Friday. We believe Indian markets will remain
volatile and trade in a range. The rupee could open higher on Monday as local shares are expected to rise, raising expectations of capital flows that would support the currency

* The Sensex has supports at 10730 and 10660 and resistances at 10940 and 11090. The Nifty has supports at 3320 and 3300 and resistances at 3390 and 3450

* Asian stocks gained, after Japanese Prime Minister Taro Aso more than doubled stimulus spending and Chinese lending rose by a record. The Nikkei fell 4.9 points, or 0.1%, to trade at 8,957.6. Hong Kong markets are closed for the Easter Monday holiday

* US stocks rose sharply on Thursday after an upbeat forecast from Wells Fargo, capping their fifth straight up week. The Dow Jones gained 246.3, or 3.1%, to close at 8,083.4. The S&P 500 rose 3.8% and the Nasdaq advanced 3.9 %

* Stocks in news: Madras Cements, Siemens, HCL, Nestle India, Alok
Industries, GAIL.

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