Mkt Outlook: Range-bound moves likely

The Sensex closed with a drop of 62 points at 12,962 yesterday on profit-taking in telecom, banking and tech scrips.

The global cues are mixed - Wall St indices finished October with good gains, crude is below $60 per barrel and Asian markets are quiet.

All the big October events are behind us - quarterly numbers and credit policy.

The outlook for the day is subdued - the Sensex faces its first resistance around 13,026. The mood turns bullish if it crosses the level of 13,066.

The first support kicks in at 12,898, and the mood turns bearish if the index drops below 12,858.

Get set for another day of quiet trades...