Market Outlook: Indian equity markets are likely to be firm on the back of positive global cues.

Market Outlook: Indian equity markets are likely to be firm on the back of positive global cues. Supported by expectation that Govt will announce yet another round of Stimulus-like package by month end. The positive impact of the two earlier stimulus packages would be seen from June and a third stimulus-like package would most likely be announced by this month end, to help various sectors tide over the impact of the current global slowdown and recession.

The support for the Sensex is 9034-8940-8868 & the resistance to the up move is at 9389.
The support for the Nifty is at 2705 and the resistance to the up move is at 2847-2904.

Intraday Nifty Outlook: Pivot level: 2783
R1: 2813, R2: 2845, R3: 2874
S1: 2751, S2: 2722, S3: 2689

Indian ADRs: Satyam down 6%, Infosys down 1%, Tata Motors, HDFC Bank up 3%

On the Global front: US markets gain as banks got a boost from news that the government may suspend a mark-to-market accounting rule, which is blamed for much of the contagion in the financial industry. Also, senate democrats are indicating that a deal could be near on President Obama's $ 800 billion stimulus plan. As a result Wal street gained; Dow advances 106 pts & Asian markets trading higher; Nikkei up 2.5%.