Indian market is likely to open lower on back of steep fall in global markets. Yesterday, market ended in deep red on back of heavy selling pressure across index pivotals. BSE sensex closed at 13478.83 down by 170.69 points while Nifty was down by 48.10 points to close at 3893.90. The outlook for the market is abundant cautious.
Tuesday, US markets closed lower on concerns that tighter credit conditions in China and Japan might dampen global growth first sent Shanghai sliding 9% overnight before the sell-off spread to other markets. DOW closed tumbled 415 points at 12216 and NASDAQ was 96 points down to close at 2407.
The major stock markets in Asia were trading lower on Wednesday. Nikkei 225 index tumbled 644.85 points at 17475.07. Hang Seng was plunged 624.05 points at 19526.82 and Straits Times slipped 166 points at 3066.02. Oil prices traded above $61 a barrel.Today, Nifty has support at 3765 and resistance at 3900 and BSE Sensex has support at 13,050 and resistance at 13550. However, it is our advice to watch trading session carefully.
FIIs were net sellers to the tune of Rs582.10crores in equity (provisional) on 27th February 2007. Mutual funds were net purchasers to the tune of Rs270.59crores in equity (provisional) on 26th February 2007.
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