Market Outlook: Expect markets to take positive feed from the global action

Market Outlook: Expect markets to take positive feed from the global action after being highly oversold. We expect an expiry to close around 2,900 levels. Nifty 2800 Feb Puts have been written and should act as a support, while this pullback is likely to see supply at the 3000 levels.

Nifty Outlook: Pivot Level: 2823
R1: 2881, R2: 2913, R3: 2971
S1: 2791, S2: 2733, S3: 2701

F&O Cues: Marketwide rollover stood at 59% versus 55% last series and Nifty rollover at 57% versus 53% last series. Auto, cement and capital goods stocks showed strong rollovers.

Indian ADRs Update: Satyam up 10%, ICICI Bank up 15%, HDFC Bank up 8%, Tata Motors up 6%

On the global front: Wall Street advances; Dow ends up 200 points & Asia trading higher; Hang Seng up 5.87% amid enthusiasm for Obama's "bad bank" plan and as the 819 billion dollar stimulus package neared approval.