TECHOUTLOOK : Support for the Nifty is at 4880 and resistance at 5020.

Market Outlook: Indian markets are expected to open in a flat note on the back of mixed trend seen on Asian counters.

On the global space: The US markets posted three-day gain yesterday, but lost steam in the final hour of trading, after a report showed that the euro zone was divided over terms of Greece's second bailout. The market rallied sharply throughout the day, rising almost 3% across the board in session highs, but quickly pared their gains following a report that indicates that there is a split in the euro zone over Greece's default terms. Asian markets are trading mixed; Hang Seng down, Nikkei up.

Europe: Markets closed sharply higher across the board led by banks. In Greece, the parliament approved an unpopular property tax law that is crucial to its austerity plan. It was a united front from Greek Prime Minister, George Papandreou and German Chancellor Angela Merkel. Both leaders who met in Berlin overnight said that they are committed to making sure that everything is done to stabilise Greece’s economy and resolve its debt crisis.

Back to Indian Markets are following global cues, so we continue to hold a cautious outlook with support 4880 and resistance at 5020.

Global events to watch for today:

Þ Durable Goods Orders

Global indices Update @ 8:

Dow Jones : 11190 (+146.8)

NASDAQ : 2546 (+30.14)

Nikkei 225 : 8625 (+15.45)

Hang seng : 18038 (- 92.05)

SGX CNX Nifty : 4990 (+07.00)

Gold (USD/t oz.) : 1639.8 (-12.70)

Nymex Crude (F) : 83.38 (-01.07)

INR / 1 USD : 49.17

TECHOUTLOOK : Support for the Nifty is at 4880 and resistance at 5020.

Call for the day :

BUY TITANIND SL 208 TARGET 220/25

SELL SUNTV NETWORK SL 292 TARGET 255

BUY CAIRNINDIA SL 270 TARGET 305/318

Stocks in action for the day: SUNTV(-), JSW Steel(-), Cairn India(+), Jet Airways(-),L&T Finance(+),Tata Steel(+), Crisil(+), RIL(+).

Sun TV will be in focus today-- sources indicate that the CBI may charge Maran brothers with criminal conspiracy.

Citi has sharply reduced the target price of Jet Airways from Rs 696 to Rs 230 on account of aggressive pricing by Air India. Citi says the company is expected to report a loss of Rs 940 crore for the current fiscal.

Indian ADR’s: Tata Motors up 5.5%, Infosys, Wipro up 5%, Patni was up 4.49%, ICICI Bank was up 2.44%, HDFC Bank was up 3.19%

IPO Corner: M&B Switchgears IPO of 50 lakhs shares with a price band of Rs 180-186 per share opens today. One Life Capital advisors IPO of 33.5 lakh shares with a price band of Rs 100-110 per share opens today..

Post the mining ban in Bellary. JSW Steel says it had no option but to scale down production to 30% of its capacity due to abrupt shortage of iron ore. The company says that the Supreme Court's directive to provide the steel industry 2.5 million tonnes of iron ore from NMDC and stock piles still has to be achieved.

All eyes will be on the crucial verdict by the Calcutta High Court over Singur land case.

L&T Finance likely to apply for new banking license: L&T Finance , the non-banking finance arm of the infrastructure major Larsen & Toubro has hinted at applying for RBI's new banking license. The Reserve Bank of India has already charted out the draft guidelines for it in August. Amongst top private players, L&T Finance is perceived to be a major contender to start a fresh bank.

The deadlock at Maruti 's Manesar plant in Haryana is not over yet. However, there are some signs of production getting back on track at the plant.

The board of Oil and Natural Gas Corp has decided to issue a no-objection certificate for London-based miner Vedanta Resources' deal to buy a majority stake in oil and gas explorer Cairn India , ONGC said in a statement on Tuesday.

Steel Secretary says - SAIL needs to improve its performance -SAIL FPO dependent on market conditions -SAIL will achieve capex of Rs 2,000 crore within next 100 days - NMDC to finalise sale purchase agreement for mine acquisition abroad -May give collated data to SC on iron ore demand this week -'Stability can return if we e-auction 1.5 mt/month iron ore' -High coking coal prices adversely impacted H1 profits

Reliance Infrastructure says -Existing Bandra-Worli Sea link to be purchased by company -Will build next part of the link from Worli to Haji Ali-Most of the key infra projects are PPP projects -Developing 2 projects of 5 mt in Maharashtra, MP in cement biz -EPC business order book at Rs 28,000 crore -Developing 13 projects in power, infra sector -Developing 5 projects for Rs 6,600 crore in transmission biz-20 out of 27 projects to be operational by March 2012 -Mumbai Sea-link phase II pre-construction work over

RIL , Govt to devise strategy to ramp up KG-D6 output; DGH appoints independent consultant to optimise production (ET)

Eon Electric (earlier know as Indo Asian Fuse Gear) announces buy back of 4.5 lakh shares at maximum Rs 30/sh (CMP: Rs 60.85)

Kalanithi Aide & Sun TV COO Hansraj Saxena quits (ET)

Emami drops Rs 640 crore acquisition of Ahmedabad based Sterling Hospitals (TOI)

Petron Engineering bags contract from Lafarge India worth Rs 66.50 crore

JSW clients Pennar Industries , Apollo Tube fear earnings hit if JSW is unable to meet their monthly demand – DNA

Goa govt bans extraction of ore from Old drumps – HT (another mining scandal unfolding)

Stock Split: Crisil 10:1

F&O Ban: ABG Shipyard, Gitanjali Gems, Ruchi Soya

Tata Steel gets Bombay HC nod to merge subsidiary Centennial Steel with self

Essar Steel's GM arrested on Naxal Payoff charge (BS)