Market Outlook: Indian Markets are likely to trade in a narrow range with stock specific activity based on news flow.

Market Outlook: Indian Markets are likely to open lower & trade in a narrow range with stock specific activity based on news flow. The Q3 season results are better than the market expectations. We expect Nifty may consolidate & would initiate longs at current levels and shorts should be created only above 3020 level.

Nifty Outlook: Pivot level: 2843

R1: 2912, R2: 2950, R3: 3019

S1: 2805. S2: 2736, S3: 2698

Indian ADRs: Infosys, Tata Motors down 3%, HDFC Bank down 2%, ICICI Bank up 1%

On the global face US markets; stocks extended their losses for the second straight session capping the worst January for markets. Stocks gained initially after investors reacted positively to a better-than-feared GDP report. The 3.8 per cent contraction in the US economy in the fourth quarter - at the fastest pace in nearly 27 years in the fourth quarter, deepening fears that the ongoing global recession could prevail longer than expected. Wall Street slips; Dow ends 148 pts down.