Market Outlook:Indian equity market expected to open in negative terrain tracking global sell off

Market Outlook:Indian equity market expected to open in negative terrain tracking global sell off & likely to be range bound on lack of fresh triggers. Nifty rollovers have been in line with expectations. More cash buying than aggressive short rollovers in Nifty led to massive discount towards the expiry end. Rollovers slightly lower in value terms, but in line in terms of number of shares.

Nifty Outlook: pivot level: 2831

S1: 2788, S2: 2752, S3: 2709

R1: 2866, R2: 2909, R3: 2945

Indian ADRs: Satyam down 10%, ICICI Bank, HDFC Bank down 6%, Tata Mot down 5%, Infosys down 2%

On the global face: US markets tumble, more companies posted disappointing earnings and reports on durable goods, home sales and jobless claims spurred concern the recession is deepening.