>Daily Market & Technical Outlook (ICICI Direct)

Key points
■ Market outlook — Open flat to positive
■ Positive — FIIs buying
■ Negative — MFs selling, Crude oil @ $54/bbl

Market outlook

■ Indian markets are likely to open flat to positive, taking cues from Asian markets. Asian markets were higher in the morning, after positive economic data out of the US boosted investor hopes that the global recession was easing. Oil prices rose to their highest close of the year, encouraged by stronger equities markets and positive economic surveys in big fuel consumer nations China and India, showing their manufacturing sectors grew in April for the first time in
months

■ The Sensex has supports at 11900 and 11635 and resistances at 12285 and 12560. The Nifty has supports at 3630 and 3595 and resistances at 3680 and 3730

■ Asian stocks rose, extending a rally in which global equities have wiped out their 2009 losses, as better-than-expected US home sales added to signs that the worst of the global recession has passed

■ US stocks rallied on Monday, driving the S&P 500 into positive territory for the year as investors bet banks' capital shortfalls may be manageable and housing data fuelled hopes the recession is easing. The Dow Jones rose 214.33 points, or 2.61%, to 8,426.74. The S&P 500 gained 29.72 points, or 3.39%, to 907.24 -- its first close above the 900 level since early January. The Nasdaq climbed 44.36 points, or 2.58%, to 1,763.56

■ Stocks in news: ACC, Ambuja, Ultratech Cement, Grasim, Financial Technologies, GE shipping, Essar Oil, Polaris software, ONGC

To see full report: OPENING BELL 050509