Market Outlook: Expect Indian markets to open in positive terrain looking at a relief momentum across Asia.

Market Outlook: Expect Indian markets to open in positive terrain looking at a relief momentum across Asia. Nifty likely to witness range of 2700-2850. Note the 2850 area that keeps cropping up as a resistance / congestion zone. The bullish pivot will be the 2800 level and the bearish pivot will be the 2775 levels. Banking along with the Reliance pack may see some action today.

Nifty Outlook: Pivot level: 2789
R1: 2826, R2: 2868, R3: 2904
S1: 2747, S2: 2710, S3: 2668

On the global front US markets ended higher as Merck earnings beat the street and better than expected housing report boosted sentiment. Merck was the biggest gainer, rising 6.4%, after the company posted better than estimated earnings and maintained its 2009 outlook. Wall Street ends higher; Dow up 141 points & Asian markets trading higher; Nikkei up 2%