TECHOUTLOOK : Support for the Nifty is at 4988 and resistance at 5106-5128.

Market Outlook: Indian markets are likely to be on the positive track taking cues from Asian recover while technically market remain on negative gauge. Hence result reporters could guide the market momentum. 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.

Results Today: Results Today: HDFC Bank, Crompton Greaves, Mastek, Indraprastha Gas, Hindustan Zinc, Biocon, Dish TV, Bajaj Finance, Bajaj Finserv, Alembic, JB chemicals, Rallis India, Zee Learn, Zee News, WWIL, Torrent Power, Navin Flourine, Everest Industries, Manali Petro, Shree Precoated Steels, Ajmera Realty, Kirloskar Industries, Camlin, NRC, Madras Fertilizers, Raymond, Infotech Enterprise, Tata Investment Corp, Nippo Batteries, Excel Industries, RPG Lifesciences, Dolphin Offshore, Supreme Petrochem, Essar Ports, Eclerx, Hinduja Ventures, JSW Ispat

On the global space: The US markets closed higher but off their best levels as investors remain cautious over a report that France and Germany have agreed to increase European Union bailout fund.

Asian stocks rise, Moody's Spain cut weighs.

Back to Indian Markets are following global cues, so we continue to hold a cautious outlook with support 4988 and resistance at 5106-5128.

Global events to watch for today

Þ US today, housing starts are expected to come in at 590 million units.

Þ Consumer price index is expected to come in slightly lower at 0.3% in September.

Global indices Update @ 8:

Dow Jones : 11577 (+180.0)

NASDAQ : 2657 (+42.51)

Nikkei 225 : 8789 (+47.92)

Hang seng : 18254 (+177.6)

SGX CNX Nifty : 5082 (+27.50)

Gold (USD/t oz.) : 1663

Nymex Crude (F) : 88.01

INR / 1 USD : 49.13

TECHOUTLOOK : Support for the Nifty is at 4988 and resistance at 5106-5128.

Call for the day:

Sell LICHOUSING SL 235 Target 212-210

BUY Axis Bank Sl 1070 Target 1130

Sell Hind zinc SL 123 Target 110

Stocks in action for the day: SunPharma, OMC, Maruti, GVK Power, BoB, RIL, Cronimet.

Sun Pharma to acquire Taro, to pay $367m for 33.5% stake: Drug firm Sun Pharma said it has proposed to fully acquire Taro Pharmaceuticals with an offer to purchase all the outstanding shares of the Israeli firm that would entail an outgo of USD 367.5 million (over Rs 1,810 crore). Sun Pharma, which holds 66.5% stake in Taro, said it is proposing to acquire 15 million outstanding shares at a price of USD 24.50 per share.

BSNL plugs off Airtel, Vodafone, Idea services in Maha, Goa: GSM operators' body COAI today said state-run BSNL has disconnected the services of Airtel , Vodafone and Idea Cellular from its network in Maharashtra and Goa circles from last Friday on non-payment of charges.

State-run oil cos like Indian Oil Corp, Bharat Petroleum Corp Ltd again pitch for fuel price hike: State-run oil marketing companies fear that they will not be able to meet the country's fuel demand after two and a half months unless the government raises fuel prices or immediately transfers cash to compensate them for losses. State-run firms are free to raise petrol prices, which they have increased a dozen times in the last 16 months.

Listing today -Flexituff International - Issue Price Rs 155/shc-Taksheel Solutions - Issue Price Rs 150/sh

Talks to resolve Maruti standoff face fresh hurdles -2nd round of talks Between Maruti management-workers deferred -Deputy labour commissioner calls for fresh meeting on Wednesday

Coal Ministry says -Power projects in 12th plan will have to import coal -Not in position to give coal to power projects in 12th plan

Finance Secretary says -May consider preferential share allotment for SBI -No rights issue for SBI capital infusion -Expect to meet within a week for final decision -Panel met to discuss PSU bank recapitalisation

Banking Secretary says -FY12 fund infusion in PSBs seen at Rs 10,000-12,000 crore -BoB, BoI, Indian Bank and Syndicate Bank will see recapitalisation this fiscal -Will infuse capital in SBI before March 31 -Current market conditions not conducive for SBI rights issue

GVK Power arm ups stake in MIAL to 50.5%

SEBI may settle insider trading charges against RIL, by asking the co to pay up to Rs 2052 cr (Mint)

RIL to bid for EL Paso shale assets in USA (TOI)

GMR, Lanco power plants face cut in D6 Gas supply; govt to take action as GMR’s Tanir Bavi & Lanco’s Kondapalli unit sell power at market rates (ET)

Glencore looks to buy 24% in Cronimet Alloys for around Rs 50-75 crore (CMP Rs 138.60, M-cap Rs 170 cr)

Coromandel International board approves issue of bonus debentures in the ratio of 1 debenture of Rs 15/- for every equity share held

3I infotech board meet on October 21 to consider rights issue of shares

F&O ban: ABG Shipyard, Gitanjali Gems