Indian market is likely to recover on back of recovery in Asian market. Yesterday, markets ended in deep red on back of weakness in global cues that resulted higher selling pressure across the pivotals index. As a result, BSE sensex closed at 12415.04 down by 471.09 points and Nifty was down by 150.25 points to close at 3576.50. The outlook for the market is cautious.
Monday, US markets closed lower by rising concerns about defaults in the US subprime mortgage market. Dow closed down 63.69 points at 12,050.41 and the NASDAQ closed down 27.32 points at 2,340.68.
The major stock markets in Asia were trading in positive territory on Tuesday. Key benchmark indices in Hong Kong, China, Japan, Australia, South Korea, Singapore and Taiwan were up by between 0.3% to 1.4%. Oil prices slipped to trade at $60 a barrel.
Today, Nifty has support at 3510 and resistance at 3675 and BSE Sensex has support at 12220 and resistance at 12650. However, it is our advice to watch trading session carefully.
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