>Daily Market & Technical Outlook (ICICI Direct)

Key points
■ Market Outlook — Open with a gap down and trade negative
■ Positive — FIIs, MFs buying
■ Negative — Gloomy US retail sales report, crude rising again

Market outlook

■ Indian markets are likely to open with a gap down following global cues. As we said before, we advise against taking any aggressive trading positions since tomorrow is the last trading session before election results are announced on Saturday. We may witness volatility in the coming week once the results are out and we will get a clear direction for the short-term

■ Inflation for week ended May 2 is expected at 0.3% against 0.7% a week earlier

■ The Sensex has supports at 11860 and 11620 and resistances at 12090 and 12260. The Nifty has supports at 3560 and 3530 and resistances at 3640 and 3740

■ Asian stocks were trading weak in the early session with most of major indices losing 2-3%

■ US stocks tumbled on Wednesday as a gloomy retail sales report revived recent anxiety about the economy’s struggle and caused a broad sell-off that accelerated late in the session

■ Stocks in news: Cipla, TV18, TCS, Wipro, Suzlon

To see full report: OPENING BELL 140509