Market Outlook: Equities are likely to open in negative terrain

Market Outlook: Equities are likely to open in negative terrain & then pick up later in the noon after inflation data is out. Inflation is expected to be lower near 5.21% vs 5.64 percent in the previous week. Investors are also waiting for the contours of the second US stimulus package. Any upside is unlikely before another round of correction.

Nifty Outlook: Pivot levels: 2808
S1: 2775, S2: 2747, S3: 2713
R1: 2836, R2: 2870, R3: 2898

Indian ADRs Update: Satyam, MTNL down 4%, Infosys, Wipro, HDFC Bank down 1%

Back home, inflation data, scheduled later in the afternoon for a 5.21 per cent rise in the wholesale price index in the 12 months to Jan 24, compared with 5.64 percent in the previous week. It would be the slowest annual rise since Feb. 9 last year when inflation was at 4.98 per cent.

On the Global front: US markets ended lower on disappointing earnings from Kraft Foods and Walt Disney and concern over the health of Bank of America. Disney and Kraft both slumped over 8% on dismal earnings. Bank of America tumbled 11% to an 18-year low on concern the nation's largest lender by assets needs more government aid. Resulting to Wall street end lower; Dow down 121 points & Asia trading lower; Hang Seng, Nikkei down. Asian shares hit by US consumer concerns

Stocks in Action for the day: MTNL, Tata Metaliks, Glenmark, United Spirits, Cipla, IOC, HPCL, & BPCL in action for the day.


MTNL: R1: 69.5, R2: 70.7, R3: 71.5, S1: 67.6, S2: 66.8, S3: 65.6
MTNL commercial launch of 3G services today

Tata Metaliks: R1: 65.8, R2: 67.5, R3: 68.3, S1: 63.2, S2: 62, S3: 60.7
Tata Metaliks gets prospecting license for iron ore in Sindhudurg, Maharashtra for two years

Glenmark: R1: 130, R2: 138.8, R3: 143.7, S1: 116, S2: 111.4, S3: 102.6
Glenmark subsidiary gets US FDA approval for lithium carbonate capsules

United Spirits: R1: 569.7, R2: 603.9, R3: 623, S1: 515, S2: 495, S3: 461
Diageo wants more than 15% in United Spirits; company wants to share almost equal stake and management control

Tata Motors: R1: 138, R2: 140.8, R3: 143, S1: 132, S2: 129, S3: 127
Tata Motors fails to pay vendors, suppliers

Cipla: R1: 197.5, R2: 200, R3: 203, S1: 191, S2: 188, S3: 185
Cipla: -Patent office upholds Roche's patent on anti infective drug Valcyte -Decision will let Roche continue patent infringement case against company in Mumbai HC -Alert: Madras HC earlier set aside patent asking patent office to review decision
Government issues total of Rs 21,942 crore oil bonds to IOC, HPCL, & BPCL in action for the day.