Market Outlook: Indian markets expected open in positive terrain in line with Asian peers

Market Outlook: Indian markets expected open in positive terrain in line with Asian peers & recover yesterday’s losses. Nifty is likely to be ranged between 2700-2850 over the short term. Global markets are still under pressure with low economic activity.

Nifty Outlook: Pivot Level: 2800
R1: 2839, R2: 2913, R3: 2952
S1: 2727, S2: 2687, S3: 2614

Indian ADRs Update: Satyam up 6%, Tata Motors down 5%, ICICI Bk down 3%, HDFC Bk down 1%

On the global front Wall Street ends mixed; Dow down 64 points on possibly delay of bad bank plan. US markets end mixed on weak economic data. Banks took a hit on worries from the bad bank plan was faltering while tech rallied on speculation that they will benefit from government spending while Asia trading firm; Hang Seng, Nikkei up

Back home, stocks slumped yesterday as global markets reacted to more negative economic news from the United States. Last Friday, the US government reported its economy contracted in the fourth quarter at an annual rate of 3.8%, the sharpest fall in 26 years. Interest rate sensitive realty and banking sectors were the worst hit in Monday's meltdown.