TECHOUTLOOK : Support for the Nifty is at 5000 and resistance at 5120.

Market Outlook: Indian markets are likely to be in mixed terrain tacking cues from the global markets. Meanwhile, we are in the corporate earnings season. On Wednesday, Infosys became the first company to post quarterly results which was better than market expectations. As more companies declare their results, markets to take cues on the outlook on demand and costs which could determine the market sentiments for the quarter.

Besides earnings, the Reserve Bank will meet on the 25th of this month to layout the nation’s credit policy. The RBI Governor today, reiterated that the central bank's stance was set and that was to bring down the menacing inflation even if it meant curbing growth.

Results Today: Geojit BNP Paribas Financial Services, Balaji Telefilms, Heidelberg Cement, Infomedia 18, Gateway Distriparks, Reliance Industrial Infra, RS Software

On the global space: The US markets came off their worst levels in a volatile session, but still closed mixed as investors remained cautious following JP Morgan earnings and a tepid Chinese economic report.

Asian markets trading weak; Hang Seng, Nikkei down. Asia is soft in opening trade today. The Nikkei, Hang Seng, Kospi, Taiwan are down nearly 0.5%, while Shanghai trades flat.

Back to Indian Markets are following global cues, so we continue to hold a cautious outlook with support 5000 and resistance at 5120.

Global events to watch for today

Þ Treasury Budget

Þ Retail Sales

Þ Import and Export Prices

Þ Consumer Sentiment

Þ Business Inventories

Global indices Update @ 8:

Dow Jones : 11478 (- 40.72)

NASDAQ : 2620 (+15.51)

Nikkei 225 : 8759 (- 63.68)

Hang seng : 18487 (-269.0)

SGX CNX Nifty : 5064 (- 04.50)

Gold (USD/t oz.) : 1668 (- 00.30)

Nymex Crude (F) : 84.24 (-00.01)

INR / 1 USD : 49.02

TECHOUTLOOK : Support for the Nifty is at 5000 and resistance at 5120.

Call for the day:

Sell Tatamotors SL 182 Target 165/160.

Buy JSWSteel SL 595 Target 650.

BUY Spicejet SL 19 Target 25 (Positional Call)

Stocks in action for the day: SpiceJet, KFA, Tech Mahindra, Century textiles, Reliance Infra,

Listing today: Tijaria Polypipes (Issue price Rs 60 per share)

CBI’s FIR against the Maran brothers reveals Maxis violated the 74% FDI limit in Aircel. CBI alleges that Dayanidhi Maran delayed license approval for Aircel and ‘directed’ Aircel promoter Sivasankaran to sell the company only to maxis. Meanwhile, the brother, Kalanithi Maran has been allotted 3.5 crore shares of Spice Jet at Rs 36.48 per share (Current market price is Rs 21.05). His promoter stake in the company is set to go up from 38.6% to 43%.

Kingfisher employees were roughed up yesterday after the airline delayed six flights owing to HPCL refusing to provide fuel unless Kingfisher pays its dues. All check-ins have been stopped. The airliner owes HPCL approximately Rs 100-130 crore, sources say.

Saroj Datta who has been with Jet Airways for over two decades is stepping down as board member and executive director of the airliner.

PE firm Carlyle and Advent are in race to pick up British Telecom’s 23.2% stake in Tech Mahindra, reports say.

Lilliput Kidswear has alleged that anonymous callers are trying to defame the company. It has gone to the police and written to banks saying the IPO was sabotaged.

The media reports that Reliance Infra is in talks to buy Rs 2000 crore road projects in Tamil Nadu and Karnataka.

Sources say Century textiles’ cement business is set to merge with Ultra Tech.