>Daily Market & Technical Outlook (ICICI Direct)

Key points
■ Market outlook — Open flat on mixed global cues
■ Positive — FIIs & MFs Buying
■ Negative — Swine flu dampens economic outlook

Market outlook
■ Indian markets are likely to open flat, taking cues from the global markets. Asian markets were mixed in the morning trade on fear that an outbreak of swine flu could become a pandemic brought a new threat to the global economy, just as some economic indicators appeared to be bottoming out. The World Health Organisation is moving closer to declaring the first flu pandemic in 40 years as more people are infected in the US and Europe. Rupee is expected to ease for a second consecutive day on Tuesday due to month-end demand for dollars from oil refiners, and traders will be looking to the stock
market for direction

■ The Sensex has supports at 11180 and 11080 and resistances at 11490 and 11600. The Nifty has supports at 3440 and 3390 and resistances at 3515 and 3550

■ Asian stocks advanced, overshadowing declines among the region’s commodity producers. Nikkei increased 38.5 points, or 0.4%, to trade at 8,764.9. Hang Seng rose 55.1 points, or 0.4%, to trade at 14,895.5

■ US stocks fell on Monday on concerns the spreading of a new strain of flu could dampen optimism about the economy, overshadowing a sweeping overhaul of General Motors Corp and gains in biotechnology stocks. The Dow Jones fell 51.29 points, or 0.64 %, to 8,025.00. The S&P 500 dropped 8.72 points, or 1.01 %, to 857.51. The Nasdaq shed 14.88 points, or 0.88 %, to 1,679.41

■ Stocks in news: 3i Infotech, Mirc electronics, Omaxe, Sun Pharma, Glenmark Pharma, ONGC

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