>Daily Market & Technical Outlook (ICICI Direct)

Market outlook
* Indian markets are likely to open flat to negative on account of weak global cues. Asian markets were trading weaker in the morning after a surprising drop in US retail sales shattered hopes of an economic recovery and sent Wall Street stocks lower. Crude oil slipped under $50 a barrel on Tuesday on forecasts for softer 2009 global petroleum demand and for a weekly build in US crude supplies. The rupee is expected to remain steady with investors watching the stock market for clues on foreign investor appetite. We expect Indian markets to remain volatile and may see some profit booking

* The Sensex has supports at 10890 and 10820 and resistances at 11160 and 11230. The Nifty has supports at 3340 and 3320 and resistances at 3420 and 3450

* Asian stocks dropped, after US retail sales unexpectedly declined and the stronger yen dimmed the earnings outlook for Japan’s electronics and auto companies. The Nikkei fell 74.3 points, or 0.8%, to trade at 8,768.4. The Hang Seng dropped 313.9 points, or 2.0%, to trade at
15,266.3

* US stocks fell on Tuesday as a surprising drop in retail sales dented hopes the recession was abating and financial shares slid on fears that Goldman Sachs' share offering could prompt others to follow suit. The Dow Jones dropped 137.63 points, or 1.71%, to 7,920.18. The S&P 500 fell 17.23 points, or 2.01%, to 841.50. The Nasdaq declined 27.59 points, or 1.67%, to 1,625.72

* Stocks in news: Tech Mahindra, Maruti Suzuki, Lupin, Polaris Software, Novartis

To see full report: OPENING BELL 150409