>Daily Market & Technical Outlook (ICICI Direct)

Key points
■ Market Outlook — Open flat to negative
■ Positive — FIIs, MFs buying
■ Negative — Crude rising again

Market outlook

■ Indian markets are likely to open flat with a negative bias. Our markets rallied yesterday. We expect some profit booking to creep in today. We again saw a bear trapping yesterday and the Nifty climbed almost 150 points from its low of the day. The major contribution came from
heavyweights like Reliance and Bharti

■ The Sensex has supports at 11900and 11760 and resistances at 12280 and 12470. The Nifty has supports at 3640 and 3610 and resistances at 3740 and 3780

■ Asian stocks were trading flat in the morning session with a positive bias. The Shanghai and Taiwan indices were up nearly 0.5%, while the Nikkei and Kospi were trading marginally in the green

■ The Dow rose on Tuesday as investors scooped up defensive shares, including Pfizer while energy companies' stocks climbed as oil hit a six-month high. However, the S&P was little changed and the Nasdaq fell as financial and technology shares declined after leading the
recent rally from bear market lows

■ Stocks in news: Bajaj Auto, Pantaloon Retail, IOC and Reliance

■ Recent development: India’s industrial output dipped by 2.3% in March this year as the country’s industries were adversely impacted by a sharp fall in exports and cut in spending by local consumers

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