>Daily Market & Technical Outlook (ICICI Direct)

Key points

􀂃 Market outlook — Open flat to positive, Asian markets mixed
􀂃 Positive — Rupee likely to rise
􀂃 Negative — FIIs & MFs Selling

Market outlook

􀂃 Indian markets are likely to open flat to positive, taking cues from the global markets. SGX Nifty was trading 20 points up in the morning. Other Asian markets were mixed in the morning trade as stocks were on shaky ground as concerns over US bank balance sheets and fears over the spread of swine flu persisted. US stocks fell on Tuesday as fresh worries that major banks may need to raise more money offset more reassuring data that suggested the worst may be over for the US economy. Rupee is likely to rise on Wednesday, after a two-day fall, as it gets a boost from gains in Asian stock markets and the dollar's
weakness against some currencies.

􀂃 The Sensex has supports at 10960 and 10720 and resistances at 11210 and 11330. The Nifty has supports at 3350 and 3300 and resistances at 3420 and 3460.

􀂃 Asian stocks mixed, as concerns over US bank balance sheets and fears over the spread of swine flu persisted. Hang Seng rose 195.6 points, or 1.3%, to trade at 14,750.7.

􀂃 US stocks fell on Tuesday as fresh worries that major banks may need to raise more money offset more reassuring economic data that suggested the worst may be over and a big dividend boost from IBM. The Dow Jones slipped 8.05 points, or 0.10 %, to 8,016.95. The S&P 500 dropped 2.35 points, or 0.27 %, to 855.16. The Nasdaq declined 5.60 points, or 0.33 %, to 1,673.81.

􀂃 Stocks in news: RIL, Britannia Industries, Dr. Reddy’s Lab.

To see full report: OPENING BELL 290409