BOR: Market Outlook: Indian markets may have flat to negative opening today

Market Outlook: Indian markets may have flat to negative opening today tracking weakness in the global markets as Asian markets are trading weak while Shanghai down 4.7%.. Nifty has supports at 4600-4650 and resistances are at 4800-4850. Market may pause and consolidate here. Profit booking at this level is expected. Technically the trend is still said to be intact up but we would like to keep a watch on the global event which can be disider at this levels.

Global Events to Watch:

• US- 4-Week Bill Announcement
• US- Farm Prices
• Chicago PMI

Global indices Update @ 9:

Dow Jones : 9544 (-36.43)

Nasdaq : 2028 (+1.04)

S&P 500 : 1028 (-2.05)

Nikkei 225 : 10497 (-36.05)

Hang seng : 19684 (-414)

SGX CNX Nifty : 4675 (-56.0)

INR / 1 USD : 48.87

CRUDE OIL : 72.41 (-0.33)

Gold : 955.7 (-1.30)

On the global counter: Wall St slips despite positive news from tech cos& Asian markets trading weak; Shanghai down 4.7%. The Wall Street fell short in its effort for a late-day rally despite some strongly positive news from technology companies. Economic news for the day indicated tough times for consumers. Personal income for July was flat and spending was up 0.2%, while core personal consumption expenditures were up 0.1%. Each was essentially in-line with expectations.

Stocks in action for the day: Unitech, Mah Satyam, IRB Infra, SAIL, NTPC

MSCI to add Unitech, Mahindra Satyam to global standard indices from today

MTN - -Empowered Group of MTN Directors to meet in South Africa on August 31 -MTN Directors likely to take final call on indicative agreement

L&T: -Will exit Mahindra Satyam at right price before March ((lock in period ends in October)) -Have shareholder nod to raise $600 million via QIP (qualified institutional placement)

Allied Digital board approves: -QIP issue up to $50 m -Stock split from Rs 10 to Rs 5 -Issue of 1 lakh shares on preferential basis to Bennett, Coleman & Co

Nagarjuna Construction - -Nagarjuna Construction raises $75 million via QIP -Nagarjuna Construction QIP gets bids worth $104 million

Novartis -Files SLP (special leave petition) in SC against IPAB decision on Glivec - SC To Hear Case Today, IPAB denied patent for Novartis' Glivec

Board meets:

Tata Motors Q1 consolidated results

Adhunik Metaliks, Gammon Infra consolidated Q1 results

Govt may divest 10% in SAIL through FPO (follow-on issue)

ONGC says in talks with Rajasthan govt for economic viability of setting up refinery

Maharashtra govt halts all development projects including Mantralaya project awarded to Indiabulls till elections

Govt looking to divest another 10% in NTPC

Sterlite-Asarco final hearing today

TCS says see revenue of $30-100 million in 3-5 years from BP deal

IRB Infrastructure selected for Talegaon Amravati road project worth Rs 800 crore

Sun Pharma files new application to restart HSR (Hart-Scott-Rodino) waiting period for Taro tender offer

Dish TV to raise Rs 1000 crore via FCCBs

Delivery of crude to MRPL slated for October

RBI allows FIIs to buy up to 100% in Orbit Corporation & RBI allows FIIs to buy up to 49% in HCC, Suzlon

Provogue buy back not to open today ((buy back up to Rs 50 crore at max Rs 100/sh))

Globus Spirits IPO opens today, offer of 75 lakh shares, price band Rs 90-100 a share

Lafarge plans to acquire small units in South India

Intraday Nifty Outlook: Pivot Point: 4709 R1: 4766, R2: 4801, R3: 4859 S1: 4674, S2: 4616, S3: 4582