Market Outlook: Equity Market will have a positive opening today on the back of strong cues from US markets & supportive hand from Asian peers.

Market Outlook: Equity Market will have a positive opening today on the back of strong cues from US markets & supportive hand from Asian peers. Nifty may breakout of the upper band of the trading range of 2700-2880. If Nifty is able to trade above 2850 for a few sessions it may rally to 3000-3150. Supports are now at 2750-2800 and resistance is seen near2940--3000.

Nifty Outlook: Pivot level: 2824
R1: 2870, R2: 2898, R3: 2944
S1: 2797, S2: 2750, S3: 2723

Indian ADRs: Infosys, ICICI Bank up 8%, Wipro up 7%, HDFC Bank up 5%

On the global front US markets gained, sending the Dow Jones to its best two-day rally in a month, sentiment boosted by hopes of stimulus package and financials rise on hopes of bailout plan. US markets end higher; Dow surges 218 points & Asia trading firm; Hang Seng, Nikkei up

Stocks in Action for the day: RIL, Satyam, Piramal Health, Rcom, Orrisa sponge & Cement.

RIL: R1: 1364, R2: 1384, R3: 1419, S1: 1310, S2: 1275, S3: 1255
RIL to start signing contracts for KG basin gas this week & RIL hires three deep-sea rigs for $2.86 billion

GAIL: R1: 207, R2: 209, R3: 211, S1: 203, S2: 201
GAIL to earn Rs 800 crore via KG gas transportation

Satyam: R1: 49.5, R2: 51, R3: 52, S1: 46.3, S2: 45.2, S3: 43
Satyam update: -Government not in a hurry to sell Satyam, to wait for company the stabilize. -Satyam loses assurant job to Zensar, Visa serves ties with company. -PC Gupta says Kiran Karnik appointed chairman of Satyam board -SEBI finishes questioning Raju brothers, has recorded statements - sources say -SEBI is still looking into sale of Satyam shares by AS Murty -SEBI probing shares sold by management for alleged insider trading violations

Piramal Healthcare: R1: 201, R2: 208, R3: 213, S1: 187, S2: 182
Piramal Healthcare denies reports GlaxoSmithKline in talks to buy company for $1.5 billion

Rcom: R1: 164, R2: 167, R3: 168, S1: 161, S2: 158
Reliance Communication says completes pan-India GSM rollout

Orrisa Sponge: T1: 166, Sl: 150
Orrisa Sponge voluntary open offer by Bhushan Power & Steel at Rs 300/sh ((CMP Rs 157))

Cement companies to hike prices by Rs 5/bag pan India: South based cement stocks to be in action for the day.