Expect Indian markets to trade range between 2750-2820 levels.

Market Outlook: Expect Indian markets to trade range between 2750-2820 levels. The Nifty may claw back to the 2800 level given the magnitude of the fall in the previous session. Global markets traded in mixed sentiments as Bank of America slumped more than 20% on news that it will get more Federal aid and Citigroup down 23% and it denied speculation the government planned to take over the bank. For the week ahead Global markets would be volatile as the US recession is likely to be worse than expected wherein Indian markets will react equally.

Nifty Outlook: Pivot Level: 2756
S1: 2681, S2: 2626, S3: 2551
R1: 2812, R2: 2887, R3: 2942

Indian ADRs: Satyam down 20% ((falls below $1)), ICICI Bank down 4%, Tata Motors up 4%, Infosys up 3%

Stock in Action for the day: Ranbaxy & Satyam for down while GAIL & HCC in Action.

Ranbaxy: S1: 207 S2: 199, S3: 193, R1: 221
Ranbaxy missed deadline to convert warrants issued by Jupiter Bioscience (Deal would have helped Ranbaxy buy 15% stake in company)

GAIL: R1: 202, R2: 206, R3: 209, S1: 196, S2: 192, S3: 189
GAIL may get to market RIL’s KG basin gas, Gail to price gas at 44.2mmbtu

Satyam: S1: 17.2 S2: 14.1, R1: 25.2, R2: 30
HCC: R1: 51, R2: 53.4, R3: 55.8, S1: 46.3, S2: 43.9, S3:41.5