BOR: Market Outlook: Indian Markets may have a positive opening today on account of firm global cues.

Market Outlook: Indian Markets may have a positive opening today on account of firm global cues. Nifty has been trading in a broad range of 2960-3100 for the past few sessions. Nifty has supports at 2980-3000 and resistances at 3100-3150. The outlook for the coming session is that of caution as the higher levels must see follow up buying support if the upward momentum is to sustain. Profit booking at higher levels may limit the upside.

Nifty Outlook: Pivot Point: 3031

R1: 3097, R2: 3135, R3: 3201

S1: 2994, S2: 2928, S3: 2890

Indian ADRs: Tata Motors up 9%, ICICI Bank up 8%, HDFC Bank up 2%, Infosys up 1%

On the global face: US mkts rally on optimistic economic news; Dow up 152 pts and Asia trading higher; Hang Seng, Nikkei up 3%. The US markets closed higher after a weak start as some mildly optimistic economic news helped the Wall Street to begin the second quarter on a positive note. Banks pushed the averages higher on news that Wall Street is prepared for changes in the controversial mark-to-market accounting rules, which is likely to be approved on Thursday. The Dow gained 152.68 points, or 2%, to 7,761.60. The S&P 500 index added 13.21 points, or 1.7%, to 811.08, and the NASDAQ composite index rose 23.01 points, or 1.5, to 1,551.60.