>Daily Market & Technical Outlook (ICICI Direct)

Market outlook

*Indian markets are likely to open flat to positive, taking cues from
global markets. The SGX Nifty was trading 10 points up. Other Asian
markets were trading mixed in the morning after Chinese economic
growth figures came in below some investors' expectations,
dampening optimism over a global economic recovery. Crude oil fell
to settle below $50 on Wednesday after US crude oil stocks rose last
week to their highest level in nearly two decades. Yesterday we saw
Indian markets jump nearly 3% despite the negative global cues and
uncertainty over which party will form the government after the
elections. Today several parts of India are voting in the first stage of
general elections with polls showing the main national parties may
struggle to form a stable coalition

*The Sensex has supports at 11200 and 11040 and resistances at 11510
and 11580. The Nifty has supports at 3460 and 3410 and resistances at
3550 and 3570

*Asian stocks climbed, lifting the regional benchmark index to the
highest in more than three months, as a US Federal Reserve survey
stoked optimism that the world’s largest economy is recovering. The
Nikkei gained 253.4 points, or 2.9%, to trade at 8,996.4. The Hang
Seng dropped 10.3 points, or 0.1%, to trade at 15,659.3

*US stocks rose on Wednesday amid numerous signs the recession
could be abating. Data from American Express signalled that the
ability of some consumers to pay their bills is stabilising. After a
choppy session, the Dow Jones gained 109.44 points, or 1.38%, to
8,029.62. The S&P 500 rose 10.56 points, or 1.25%, to 852.06. The
Nasdaq added 1.08 points, or 0.07%, to 1,626.80

*Stocks in news: Mastek, L&T, Natco Pharma, Dr Reddy’s Lab, Orchid
Chemicals

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