Indian market is likely to recover from its yesterday blood bath trading session on back of positive global cues. Yesterday, markets closed in deep red on back of weak global markets that resulted heavy selling pressure across the sectors. As a result, BSE sensex closed at 12529.62 down by 453.36 points and Nifty was down by 129.45 points to close at 3641.10.The outlook for the market is continued optimism.
Wednesday, US markets rebounded on back of concerns about faltering subprime mortgage lenders sparked a broad selloff and also it was technical supported. Dow gained 57.44 points to close at 12,133.40 and the NASDAQ Composite (RIXF) closed up 21.17 points at 2,371.74.
Major Indian ADRs closed mixed. In technology sector, Infosys slipped 0.79%, Satyam edge lower 1.36% and Wipro dropped by 0.05%. Banking sector, ICICI Bank gained 2.40% and HDFC bank rose 2.06%. MTNL closed up 0.83% and VSNL added 1.49%.
The major stock markets in Asia were trading higher on Thursday. Nikkei 225 gained 241.95 points at 16,918.84. Straits Times surged 48.90 points at 3,102.11 and Taiwan''s Taiwan Weighted adding 125.32 points at 7,695.59. Crude for April delivery dropped 23cents at USD58.16 a barrel.
Today, Nifty has support at 3600 and resistance at 3785 and BSE Sensex has support at 12465 and resistance at 13020. However, it is our advice to watch trading session carefully.
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