>Daily Market & Technical Outlook (ICICI Direct)

Market outlook

■ Indian markets are likely to open flat to negative, taking cues from global markets. SGX Nifty was trading 20 points down in the morning. Other Asian markets were mixed in the morning as worries about a potential swine flu epidemic prompt a rally in pharmaceutical shares but sink airlines. The rupee may edge lower on Monday on demand for dollars from refiners for import payments and as foreigners consolidate their stock holdings after seven straight weeks of gains

■ The Sensex has supports at 11200 and 11070 and resistances at 11370 and 11530. The Nifty has supports at 3440 and 3395 and resistances at 3510 and 3550

■ Asian stocks were mixed, as worries about a potential swine flu epidemic prompt a rally in pharmaceutical shares but sink airlines. Nikkei gained 68.64 points, or 0.79%, to trade at 8,776.63. Hang Seng declined 345.6 points, or 2.3%, to trade at 14,913.3

■ US stocks rallied on Friday as earnings showed companies have weathered the recession and economic data raised hopes the economic cycle may have hit a bottom. The Dow Jones added 119.23 points, or 1.50 %, to 8,076.29. The S&P 500 rose 14.31 points, or 1.68 %, to 866.23. The Nasdaq gained 42.08 points, or 2.55 %, to 1,694.29

■ Stocks in news: ONGC, Uttam Galva, Reliance Infra, Elder Health care,Jindal steel & Power

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