>Daily Market & Technical Outlook (ICICI Direct)

Key points
■ Market outlook — Open flat on mixed & flat global cues
■ Positive — FIIs buying
■ Negative — MFs selling

Market outlook

■ Indian markets are likely to open flat, following the global markets. Asian markets were trading mixed in the morning as profit taking and investor caution overshadowed recent optimism about a global economic recovery. US stocks ended lower as the market awaited the results of stress testing of major banks; while lower oil prices saw energy shares dip. The rupee is expected to retreat from 2-1/2-month highs on Wednesday tracking the dollar's strength versus other currencies but traders are awaiting the domestic share market open for more cues

■ The Sensex has supports at 11990 and 11640 and resistances at 12290 and 12560. The Nifty has supports at 3620 and 3570 and resistances at 3680 and 3730

■ Asian markets are trading mixed, following the US equity markets, as profit taking and investor caution overshadowed recent optimism about a global economic recovery

■ US stocks fell on Tuesday as cautious investors fretted about impending bank stress test results and energy shares succumbed to the pressure of lower oil prices. The Dow Jones dipped 16.09 points, or 0.19%, to 8,410.65 points. The S&P 500 shed 3.44 points, or 0.38%, to 903.80. The Nasdaq dipped 9.44 points, or 0.54%, to 1,754.12

■ Stocks in news: Reliance Infra, Tata Power, Cadila Healthcare, Cipla, Elecon Engineering, L&T

To see full report: OPENING BELL 060509