BOR: Market Outlook: Indian markets to open flat to negative range on the back of weak global sentiments.

Market Outlook: Indian markets to open flat to negative range on the back of weak global sentiments. Nifty is expected to trade in range bounded manner between 4450 and 4580, on the upside we will see a breakout only when 4580 decisively breaks, midcaps remains a outperform counter. Expect Satyam to be in action for the day.

Nifty Outlook: Pivot Point: 4528

R1: 4577, R2: 4624, R3: 4673

S1: 4481, S2: 4431, S3: 4384

Results today: Power Finance, GMR Infra, Sundram Fasteners, Rane Holdings, HOV Services

Indian ADRs: Satyam up 23%, MTNL up 5%, ICICI Bank down 6%, HDFC Bank, Infosys down 2%

On the global front: Wall St Slips on weak economic data; Dow down 65 pts & Asian markets trading lower; Hang Seng, Nikkei down. The US markets retraced and the benchmark indices ended in the red after a series of weak economic reports. The CBOE volatility index ticked up, closing at 31.02. In economic data, the ADP report showed US private employers shed 5,32, 000 jobs in May, more than 5,20,000 expected. The ISM services index improved to 44 in May from 43.7 in April, but just missed expectations. It was still below 50, indicating contraction. The Dow slipped 65.63 points, or 0.8%, to 8,675.24. The S&P 500 index fell 12.98 points, or 1.4%, to 931.76. The NASDAQ composite index fell 10.88 points, or 0.6%, to 1,825.92.