>Daily Market & Technical Outlook (ICICI Direct)

Key points

• Market Outlook — Open flat on flat global cues
• Positive — FIIs buying
• Negative — MFs selling, uncertain political scenario

Market outlook

■ Indian markets are likely to open flat, taking cues from global markets. Asian markets were mostly weaker in the morning as stocks took a breather from recent gains after investors in the US and Europe booked profits, sending share indices lower. The rupee is expected to open steady on Tuesday on mixed regional stocks and traders are expected to await general election results on Saturday for direction

■ The Sensex has supports at 11620 and 11430 and resistances at 11770 and 11890. The Nifty has supports at 3520 and 3480 and resistances at 3590 and 3620

■ Asian stocks fell, led by banks and mining companies, as HSBC Holdings said 2009 will be a tough year. The market also witnessed a fall in metal prices. The Nikkei fell 136.3 points, or 1.4%, to trade at 9,315.7. The Hang Seng declined 29.8 points, or 0.2%, to trade at 17,058.2

■ US stocks fell on Monday as investors booked profits in financials after a two-month run-up and news of several banks' share offerings heightened worries about their dilutive impact on current shareholders. The Dow Jones shed 155.88 points, or 1.82%, to 8,418.77. The S&P 500 declined 19.99 points, or 2.15%, to 909.24. The Nasdaq dipped 7.76 points, or 0.45%, to 1,731.24

■ Stocks in news: Orchid Chemicals, Bank of India. Tata Motors, Gujarat NRE coke, Bajaj Auto


To see full report: OPENING BELL 120509