>Daily Market & Technical Outlook (ICICI Direct)

Key points
􀂃 Market outlook — Open with gap up on Asian cues
􀂃 Positive — Rupee likely to rise, FII buying, Asian cues
􀂃 Negative — MFs selling consistently

Market outlook
􀂃 Indian markets are likely to open with a gap up following Asian cues. Our markets have some catch up to do after a long weekend. Our markets will be volatile this week due to the earnings season and overhang of political uncertainty. The US stress case results will be released this Thursday. It was earlier scheduled for today

􀂃 The Sensex has supports at 11200 and 10900 and resistances at 11490 and 11870. The Nifty has supports at 3470 and 3420 and resistances at 3560 and 3630

􀂃 The Nikkei Average rose 1.7% to its highest close in nearly four months on Friday, as Fujitsu surged on a better-than-expected annual outlook, while a weaker yen and receding worries about the global economy boosted exporters. Today most of the Asian indices are trading up in the range of 2-3%

􀂃 US stocks rose on Friday as surging oil prices pushed energy shares higher and fresh economic data suggested key parts of the economy could be stabilising. For the last week, the Dow rose 1.7%, the S&P gained 1.3 % and the Nasdaq ended up 1.5 % higher

􀂃 Stocks in news: Jain irrigation, Titan, UTV

To see full report: OPENING BELL 040509