TECHOUTLOOK : Support for the Nifty is at 5050 and resistance at 5140.

Market Outlook: Indian markets are likely to open on a flat note and trade volatile on the euro summit this weekend which have increased the volatility in global markets. On the other side results season to keeps actions in actions and guide the market momentum.

Results Today: L&T, IDEA cellular, JSW Steel, United Phosphorus, NIIT, RCF, Federal Bank, Arvind, HCC, Asian Paints, Zensar Tech, Godrej Consumers, Texmaco Rail, Indiabulls Financial, Shoppers Stop, HT Media, Godrej Properties, PVR, Uttam Galva, Tata Metaliks, Aditya Birla Chemicals, Lanco Industries, Vadilal Industries, Kirloskar Oil, Akash Optifibre, Atul, Essel Propack, Finolex Industries, Foseco India, GIC Housing Finance, Gujarat Industries Power, Gujarat Lease Financing, Kansai Nerolac Akzo Nobel India, Geometric, Blue Dart, Thomas Cook, Ingersoll Rand, Gujarat Fluoro, Nocil, Alfa laval, Onward tech, Panacea Biotec, Greaves Cotton, Texmaco, Supreme Industries.

On the global space: The US markets closed mixed after a volatile session as traders sifted through a slew of headlines from the euro zone ahead of a key EU summit this weekend. US existing home sales fell 3% to an annual rate of 4.91 million in September, which more than expected.

Markets cautious ahead of Europe summit: Investors awaited a weekend meeting of European leaders for signs of progress in resolving the region's debt crisis.

European markets close lower; Dax down 2.49%.

Back to Indian Markets are following global cues, so we continue to hold a cautious outlook with support 5050 and resistance at 5140.

Global events to watch:

Þ Europe summit

Global indices Update @ 8:

Dow Jones : 11514 (+37.16)

NASDAQ : 2598 (- 05.42)

Nikkei 225 : 8675 (- 06.55)

Hang seng : 18049 (+65.95)

SGX CNX Nifty : 5109 (+03.50)

Gold (USD/t oz.) : 1628

Nymex Crude (F) : 86.69

INR / 1 USD : 49.71

TECHOUTLOOK : Support for the Nifty is at 5050 and resistance at 5140.

Call for the day:

Buy HCL Technologies SL 409 Target 425-430.

BUY Axis Bank Sl 1105 Target 1150-1160.

BUY TATASTEEL SL 428 Target 475-480.

SELL HDFCLTD SL 660 Target 621.

Stocks in action for the day: KKCL, Tata Motors, Mundra Port, DLF, Maruti, L&T.

KKCL Result better than expect: Topline Rs 100.35 Cr Vs 72.46 Cr same quarter last year, EBIDTA Rs 26.31 Cr Vs 22.37 Cr Margins stood at 26%, Profit after tax Rs 18.36 Cr Vs 15.02 Cr same quarter last year. PAT Margins stood at 18.39%. EPS for the quarter stood at Rs 14.89 Vs Rs 12.81 same quarter last year.

Diesel price to go up if inflation comes down: Rangarajan: The government will hike diesel prices once there is a substantial easing in inflationary pressure, the prime minister's top economic adviser C. Rangarajan said Thursday. Diesel price adjustment is becoming necessary in order to contain fiscal deficit and losses of oil marketing companies.

Sterlite Technologies reported net profit of Rs 12.66 crore for quarter ended September 2011 against Rs 57.55 crore in the same quarter a year ago. Net revenue was at Rs 707.28 crore as compared to Rs 509.44 crore.

Infoedge India reported net profit of Rs 28.23 crore for quarter ended September 2011 against Rs 17.88 crore in the same period a year ago. Total sales of Rs 60.65 crore against Rs 51.21 crore in the same quarter a year ago.

Noida Toll Bridge reported net profit of Rs 8.22 crore for quarter ended September 2011 as compared to Rs 7.07 crore in the corresponding quarter a year ago. Net sales were at Rs 22.14 crore for September 2011 quarter against Rs 21.17 crore in the same period a year ago.

Bajaj Auto posted net profit of Rs 725.80 crore for quarter ended September 30, 2011 as compared to Rs 682.08 crore in the same quarter a year ago. Total income increased to Rs 5341.74 crore from Rs 4425.53 crore a year ago.

Exide Industries posted net profit of Rs 51.15 crore for quarter ended September 30, 2011 as compared to Rs 212.93 crore in the same quarter a year ago. Total income increased to Rs 1183.99 crore from Rs 1146.29 crore.

UltraTech Cement posted net profit of Rs 278.90 crore for the quarter ended September 30, 2011 as compared to Rs 115.77 crore in the same quarter a year ago. Total income increased to Rs 4013.14 crore from Rs 3283.09 crore.

Hexaware Technologies reported standalone net profit of Rs 55.46 crore for quarter ended September 2011 against Rs 52.28 crore in the same period a year ago. Net sales were at Rs 173.36 crore as compared to Rs 152.84 crore in the same quarter last fiscal.

Biocon reported consolidated net profit of Rs 85.70 crore for quarter ended September 2011 against Rs 89.22 crore in the same quarter a year ago. Net sales were at Rs 508.44 crore against Rs 678.77 crore in the same period last fiscal.

Maruti update -Strike at Maruti Suzuki's Manesar plant ends -Settlements signed for Maruti's Manesar plant, Suzuki's 2-wheeler plant and powertrain plant -Will take back 64 workers & trainees -30 workers will remain dismissed & face enquiry

SEBI orders investigation in DLF SEBI to investigate DLF on disclosure violations during IPO -Formal order to be issued to appoint investigating authority To complete the investigations peditiously SEBI asked to look at allegations of Kimsuk Krishna Sinha SEBI asked by Delhi HC to look at allegations against DLF

AG to probe drilling of D6 dry wells – ET

SBI hikes home loan tenure to 30 years; rising rates prompt extension by 10 more years. (BS)

HC halts Adani group’s development works in its Mundra Port & SEZ project in Kutch district (DNA)

Maharashtra govt to take action against Lavasa within 2 weeks– ET

Tata Motors to raise USD 750 million via ECBs to meet working capital requirement & reduce debt (BS)

F&O ban: ABG Shipyard, Gitanjali Gems