>Daily Market & Technical Outlook (ICICI Direct)

Key points
■ Market Outlook — Open positive on positive global cues
■ Positive — Inflation falling to 0.48%
■ Negative — Oil rising despite weak US jobs data

Market outlook

■ Indian markets are likely to remain very volatile in the last trading session before election results are announced during the weekend. We advise avoidance of big trades as political conditions may hamper market conditions in the next week. We may witness stock specific activity today with the index moving both sides of a range today

■ After rising for three consecutive weeks inflation fell to 0.48% for the week ended May 2, even as essential food items like pulses, cereals and vegetables ruled high

■ The Sensex has supports at 11760 and 11690 and resistances at 11940 and 12270. The Nifty has supports at 3590 and 3540 and resistances at 3650 and 3680.

■ Asian stocks were trading strong in the early session with most major indices gaining between 1 and 2%

■ US stocks rose on Thursday as investors returned to financial and technology shares on bets that the recent rally could have more room to grow after a brief pullback. Volume, however, was light, a possible indication of a lack of broad conviction. The surge in US markets over the past two months has made investors who missed the rally anxious to get back into stocks

■ Stocks in news: Dolphin Offshore, Cairn India, ONGC, Bharti Shipyard, Piramal Healthcare.

To see full report: OPENING BELL 150509