Market Outlook: Indian Markets will have a positive opening on account of bounce back witnessed in global markets.

Market Outlook: Indian Markets will have a positive opening on account of bounce back witnessed in global markets. Support is seen near 2700- 2730 and resistance at 2800-2830. Market may witness some volatility on the settlement day. Beaten down stocks may see some short covering in short term. The support for the Sensex is 8630 and the resistance to the up move is at 9030-9157.

Nifty Outlook: Pivot level: 2719

R1: 2760, R2: 2787, R3: 2829

S1: 2692, S2: 2650, S3: 2623

Indian ADRs: Tata Motors, HDFC Bank up 7%, ICICI Bank, Infosys up 5%, Satyam up 3%

On the global front: US markets bounce back; Dow gains 236 pts & Asian markets trading firm; Hang Seng up 2.1%. Wall Street snapped a six-session losing streak after US President Barack Obama addressed the Congress on Tuesday and said his government was moving swiftly to address economic concerns.

Stocks in Action for the day: Satyam, Unitech, Orissa Sponge, Jet Airways, TTK Healthcare, GSS America & SEAMEC

Satyam: R1: 46.1, R2: 48.7, R3: 49.8, S1: 42.5, S2: 41.1, S3: 38.8

Satyam Update: -Bidding process to be completed in 3 weeks: -Restatement of Accounts to Be Completed By March-end: PTI

Unitech: R1: 29, R2: 29.5, R3: 30.3, S1: 27.5, S2: 26.6, S3: 26.1

Unitech sells Gurgaon hotel for Rs 230 cr as part of debt restructuring.

Orissa Sponge: Expect opening at 5% circuit level CMP 268.7

Monnet Ispat: -Picks 10% equity in Orissa Sponge via block deal -Makes an open offer for Orissa Sponge at Rs 310/sh Bhushan Power ((unlisted co)) last week made voluntary open offer at Rs 300/sh.

Jet Airways: R1: 148.9, R2: 153.1, R3: 156.2, S1: 141.6, S2: 138.5, S3: 134.3

Jet Airways to wet lease 4 aircraft to Gulf Air

TTK Healthcare: R1: 95, R2: 98, R3: 105, S1: 87, S2: 85, S3: 84

TTK Healthcare buyback up to Rs 120/sh opens today ((CMP Rs 90))

GSS America: R1: 123.3, R2: 128.1, R3: 137.7, S1: 108.8, S2: 99.2, S3: 94.3

GSS America buyback up to Rs 20 cr at max price of Rs 250/sh opens today ((CMP Rs 117))

SEAMEC: Intra target of 45.3 Stop Loss at 37.4

SEAMEC Q4 ((ended Dec)) -Net sales at Rs 104.4 cr vs Rs 22.3 cr -Net profit at Rs 54.6 cr vs loss of Rs 15.9 cr

Stock in News:

Fin Min Says: -Small cars will continue to effect 8% excise duty -SUVs & MUVs will attract special rate of 20% excise duty -Specific & special rates remain unchanged

SEBI Says: Pref Issue Guidelines Not Applicable Where Board Grants Relaxation Under Regulation 29A -Pref Issue Guidelines Relaxation Applicable For Eq Shrs, Fully & Partly Convertible Shares

WPI: -WPI Rejig Plan Deferred For The Time Being -Alert: Plan Was For 2 Separate WPI Indices For Sensitive, General Items -Alert: Base Year Was To Be Revised To 2004-2005

Source Says General Elections May Be Held Between April 15-May 10: NW18

Sugar: -Farm Min says India may import up to 2 mt raw sugar this year -May consider duty-free white sugar import later: Farm Min

Ambuja Cements says 100% of bulk cement excise cut to be passed on

Source says SAIL, JSW Steel, and Ispat to Cut Steel Price by Rs 500-600/t.

Apollo Tyres passes on gains from a 2% slash in excise duty to customers

RIL Plans Partial Maintenance Shutdown Of Jamnagar Refinery In April-May.

Reliance Infra buyback opens today ((was to open yesterday))

Board meets: -Alfa Laval, Macmillan India, Strides Arcolab results -MRO-TEK on buyback -Alka Securities on stock split -Gold BeES on buyback

GVK Power to replace Punjab Tractors in S&P CNX 500 Index from Feb 25
((trading in Punjab Tractors to be suspended from today on amalgamation with M&M))