Market Outlook: US financial package lacked in clarity for economic growth and the uncertainty in global markets may continue mirroring on Indian mkts

Market Outlook: US financial package lacked in clarity for economic growth and the uncertainty in global markets may continue mirroring on Indian markets. Indian markets are bouncing back from oversold levels but the upside looks capped by global sentiments. Domestic triggers include another stimulus package and the interim budget expectations.

Nifty Outlook: Pivot Level: 2927

S1: 2898, S2: 2862, S3: 2832

R1: 2964, R2: 2993, R3: 3029

Indian ADRs: Satyam down 12%, Infosys down 8%, HDFC Bank down 7%, ICICI Bank, Wipro down 6%

On the global front Wall Street fell sharply in a broad-based decline as the government announced details of the bank rescue plan. The plan will devote up to $ 50 billion to help stem home foreclosures and provide new funding to banks after a "stress test" to determine if the bank is healthy. In economic news, wholesale inventories fell by 1.4% in December. Mkts plunge after fin rescue plan; Dow slips 382-pt & Asian Mkts trading weak; Hang Seng dips 3%

Stocks in Action for the Day: Ranbaxy, Satyam, Wockhardt, TCS & telecom counter to be eyed ahead of better than expected monthly number.

Ranbaxy: R1: 236, R2: 240, R3: 245, S1: 228, S2: 223, S3: 219

Ranbaxy gets US FDA nod for generic Imitrex, had filed ANDA from Ohm lab in US

Satyam: R1: 46.3, R2: 48.4, R3: 49.9, S1: 42.7, S2: 41.2, S3: 39.1

Satyam update: -To induct strategic partner through 2-stage bidding process: Sources
-To lay down stiff eligibility norms for bidders: -Potential acquirer must have sound IT track record: -Acquirer to subscribe to fresh shares as well: -Cisco says re-evaluating current partnerships with company: Next board meeting tomorrow.

Wockhardt: R1: 100.3, R2: 103.8, R3: 106.9, S1: 93.7, S2: 90.6, S3: 87.1

Wockhardt: -To launch its version of insulin Glargine; global market size $2 billion
-Promoters pledged 43.1% stake in company -Promoters pledged 40% stake to raise Rs 350 crore, in talks to raise more funds

TCS: R1: 531, R2: 538.4, R3: 548.4, S1: 514, S2: 504, S3: 497

Indian IT TCS eyeing Wal Mart outsourcing contract worth $500 million (Others like IBM and WNS also in the race)

Telecom: -MTNL adds 1.03 lakh GSM mobile users in January -Bharti Airtel adds 2.73 million mobile users in January -Idea adds 2 million mobile users in January.

Stock In News:TTK Healthcare , Zee Entertainment & Axis Bank

Index changes from Mar 27: -Zee Entertainment To Be Excluded From Nifty. -Axis Bank To Replace Zee Ent In S&P CNX Nifty

TTK Healthcare buy back at max Rs 120/sh (CMP Rs 82)

SEBI's Special takeover norm: sources say -Special circumstances to be triggered if govt/CLB/regulator supersedes Board -Company's board to make request for waiver of ordinary takeover norms

L&T, ITC and Axis Bank stakes may stay with SUUTI

IL&FS to take control of Maytas Infra

Cabinet nod for HITS likely this month (WWIL to the beneficiary)

Pledge meter:
-Tata Motors Says Promoters Pledged 8.15% Stake in co
-Zee Entertainment promoters pledged 11.53% stake in co
-Dabur India Promoters Pledged 9.25% Stake In Co
-Nagarjuna Fertilisers Promoters Pledged 24.56% Stake In Co
-Nagarjuna Const promoters pledged 9.23% stake in co
-Arvind Promoters Pledged 18.18% Stake In Co
-Arvind Products promoter pledged 50.12% stake in co
-Strides Acrolab promoters pledge 16.83% stake in co
-Bombay Rayon Fashions promoters pledge 18.43% stake in co
-Kalpataru Power Promoters Pledged 20.92% Stake In Co
-Alps Industries Promoters Pledged 10.14% Stake In Co
-Dhanus Tech promoters pledged 34.4% stake in co
-Opto Circuits says promoters have not pledged any shares