BOR: Market Outlook: Indian markets will have a positive opening today mainly on the back of positive momentum on the global space.

Market Outlook: Indian markets will have a positive opening today mainly on the back of positive momentum on the global space. Nifty has supports at 4400-4450 and resistances are at 4650 -4700. The trend is still intact up but as it climbs higher it sets itself up for a reaction. Overall outlook for the markets today is that of guarded optimism as the upsides need ample follow up buying if the upthrust is to sustain. Hold existing longs and desist from initiating big ticket fresh speculative purchases. Profit booking is expected at higher levels.

Nifty Outlook: Pivot Point: 4508

R1: 4566, R2: 4603, R3: 4661

S1: 4471, S2: 4413, S3: 4376

Results today: HPCL

Indian ADRs: Satyam up 8%, MTNL, Wipro up 6%, Tata Motors up 5%, ICICI Bank up 3%

On the global face: Wall St Surges on positive economic data; NASDAQ gains 3% & Asian markets trading firm; Nikkei, Shanghai Composite up. The US markets soared on Monday as investors were encouraged by economic reports and after General Motors finally filed for bankruptcy protection. Major indices racked up a gain for the month of May marking the third positive month in a row, as the momentum of the recent rally held. The Dow gained 221.11 points, or 2.6%, to 8,721.44. The S&P's 500 index rose 23.73 points, or 2.6%, to 942.87, while the NASDAQ composite index added 54.35 points, or 3.1%, to 1,828.68.