BOR: Market Outlook: Indian Markets will have flat to negative opening today on the back of mixed performance on the Asian space.

Market Outlook: Indian Markets will have flat to negative opening today on the back of mixed performance on the Asian space. Nifty has supports at 4240-4270 and resistances are at 4450-4500. A bounce back is expected after the 3day continues weakness on the Indian space. Yesterday indices have closed in the lower end of the intraday range, with negative market internals and lower volumes. These are indications of weakness.

Nifty Outlook: Pivot Point: 4402

R1: 4471, R2: 4587, R3: 4656

S1: 4286, S2: 4217, S3: 4101

Results today: Zee News, Gujarat Alkalies, TV Today, Prithvi Info, Opto Circuits, Dish TV, Surya Roshni

Indian ADRs: Satyam down 8%, Tata Motors down 4%, HDFC Bank down 2%, Infosys up 1%

On the global face: Wall St ends flat; S&P cuts its credit rating on 18 banks & Asia trading mixed; Shanghai Composite up, Nikkei down. The US markets closed yesterday's session flat. Bank stocks dragged the indices lower after Standard & Poor's cut its credit rating on 18 banks and lowered its outlook on four other banks. On the economic front, mortgage applications fell 15.8% to 514.4 last week, the lowest in nearly seven months. Trade deficit fell nearly 35% to around 101 billion dollars in the first quarter, the lowest since the fourth quarter of 2001 during the last recession. But, consumer prices edged up marginally higher, up 0.1%. The Dow Jones industrial average was down 7.49 points, or 0.1%, to 8,497.18. The broader S&P 500 index fell 1.26 points, or 0.1%, to 910.71, and the NASDAQ Composite Index was up 11.88 points, or 0.7%, to 1,808.06.

Stocks in action for the day: ITI, Cairn, M&M, BHEL, BPCL, Ranbaxy

Aircel - Exclusive: -Aircel, Huawei close to signing $400 million outsourcing deal -Deal for managed services across Andhra Pradesh, TamilNadu, Kerala and Karnataka for 3 years -Aircel, Huawei refuse to comment -Alert: Aircel is 74:26 JV of Maxis Communications and Apollo Hospital

ITI - Exclusive: Sources -Huawei 'seriously evaluating' bidding for ITI's 3 manufacturing units -Alert: ITI's 3 plants in Bangalore, Rae Bareli and Nainital; currently loss-making

M&M (Mahindra and Mahindra): Exclusive -MDS-BAE Systems: in talks to launch Bradley Range of armored fighting vehicles -Alert: MDS stands for Mahindra Defence Services -M&M may assemble Bradley Vehicles in India for BAE Systems

BHEL - Mint Exclusive: -BHEL to partner with private firms for Hydro-power Project -BHEL in talks with Patel Engineering for a partnership

RBI sources: -Banks can hedge G-Securities, loans in Interest Rate Futures Market -Banks permitted to take trading positions in Interest Rate Futures -RBI, Govt still debating on extent of G-Securities short selling

Forbes Exclusive: Cairn India -To start test runs at its Mangala field next week: Srcs -To go into international arbitration over cess after production starts: Srcs -To start full production at Mangala field by July 10: Srcs -Officials to meet Rajasthan CM next week to sort out VAT issue: Srcs

Hindalco eyes coal mines in Australia, deal worth $70-80 million

Bharti rules out FDI in DTH business

US based Medicis Pharma Corp sues Ranbaxy for alleged infringement of patent drug Acen

Neyveli Lignite back in disinvestment list, DMK spokesperson says will oppose such move

Zandu pharma board meets on June 19 for restructuring with its holding company Emami

LIC hikes stake in Ultratech Cement to 6.6% versus 4.7%; cuts stake in UBI to 7% versus 9.18%.

BPCL raises Rs 700 crore via oil bond sale:

Wockhardt sells its German unit to Mova Pharma for nearly Rs 120 crore; declines comment on deal

Amtek Auto board approves: Restructuring terms of FCCBs; issue of further FCCBs / QIP issue

GSS America board meets on June 20 to consider acquisition of US-based co with revenues of $ 24 million

Dish TV comes out of NSE F&O curb

Ex-dividend: BoB @ Rs 9, Union Bank @ Rs 5

Ex-event: D-Link India scheme of arrangement