BOR: Market Outlook: Indian Equities may have flat to positive opening driven by global cues and short covering.

Market Outlook: Indian Equities may have flat to positive opening driven by global cues and short covering. Supports is seen near 2650-2680 & resistances at 2775-2800 on the Nifty. This upward momentum can take the Nifty to 2860-2900. Traders can go long on Nifty on dips. The market has seen a tremendous upmove and looks like the upmove should continue with profit booking coming in the upper regions. The support for the Sensex is at 8600 and the resistance to the up move is at 8872-9066.

Nifty Outlook: Pivot Point: 2687

R1: 2758, R2: 2796, R3: 2867

S1: 2648, S2: 2577, S3: 2539

Indian ADRs: HDFC Bank up 4%, Wipro up 3%, Tata Motors up 2%, Satyam down nearly 1%

On the global front: US mkts see best week since Nov'08, await credit flows, The Dow Jones gained 54 points & Asian mkts trading higher: Nikkei up 2.4%. US stocks wrapped up their best week since November 2008 on Friday. Citigroup and Morgan Stanley climbed more than 5% as the S&P 500 financials posted a five-day gain of 34%. Healthcare sector also rose post Merck & Company gained 13% after Sanford C Bernstein advised buying the shares because of the company's planned purchase of Schering-Plough. The Dow Jones gained 54 points to end 7,224, S&P 500 index rose 6 points to shut shop at 757 and the NASDAQ rose 5 points to end at 1,432.