Market Outlook: Expect Indian markets to open in negative topography following the US weak trading session & followed by Asian mkts which are trading

Market Outlook: Expect Indian markets to open in negative topography following the US weak trading session & followed by Asian mkts which are trading lower. Profit booking in large caps coupled with fresh shorts was seen yesterday. Midcap euphoria seems to have extended itself and one needs to be very selective now. Nifty support is seen around 4200.

Nifty Outlook: Pivot Point: 4292
R1: 4340, R2: 4410, R3: 4458
S1: 4222, S2: 4174, S3: 4104

Results today: Bajaj Auto, Bajaj Holdings, Gammon Infra, INOX Leisure, IRB Infra, Nitin Fire, Transport Corp, Varun Shipping

On the global front: Wall St ends lower on Fed's gloomy outlook; Dow down 53 pts & Asian mkts trading lower; Nikkei slips 109 pts. The US markets ended lower on Wednesday as banking and technology stocks pulled back and comments from the US Federal Reserve dampened the market's optimism. Investors locked in profits, sending major indices lower after the Fed Minutes, as the gloomy outlook caught many off guard. At closing bell, the Dow Jones Industrial Average shed 52.81 points or 0.62%, to 8,422.04. The S&P 500 lost 4.66 points or 0.51%, to 903.47 and the NASDAQ Composite fell 6.70 points or 0.39%, to 1,727.84.