BOR: Market Outlook: Indian Equity Markets may have flat to negative opening today and may remain volatile before the settlement.

Market Outlook: Indian Equity Markets may have flat to negative opening today and may remain volatile before the settlement. A lot will depend on the global cues and if they remain supportive we may see some further up side. The Nifty has supports at 2860-2880 and resistances at 3020 and 3050. The downside could be limited as buying support is expected at lower levels as higher volumes are a positive as they show broader participation.

Nifty Outlook: Pivot Point: 2956
R1: 2999.2, R2: 3059, R3: 3102
S1: 2896, S2: 2854, S3: 2793

Indian ADRs: HDFC Bank down 6%, Infosys down 5%, Tata Motors down 4%, ICICI Bk, Satyam down 3%

On the global front: US markets slip; Dow ends down 116 points and following to this Asian markets trading lower; Nikkei, Hang Seng down. US markets ended a choppy session sharply lower as investors paused to reassess the likely success of the government's latest plans to clean up bank balance sheets and revive the financial system. An early comeback attempt came and went after a report showed that US home prices rose for the first time in a year. Prices climbed 1.7% in January from December In other news; reports indicate the SEC is considering modifying its up tick rules. The Dow slipped 115.89 points, or 1.5%, to 7,659.97. The S&P 500 index declined 16.57 points, or 2%, to 806.35, and the NASDAQ fell 39.25 points, or 2.5%, to 1,516.52.