BOR Market Outlook: Indian Markets will have a gap down opening on account of weak global cues.

Market Outlook: Indian Markets will have a gap down opening on account of weak global cues. Support are seen near 2650-2680 and resistance at 2800-2830 levels. Some volatility and short covering near the settlement day is expected. Technically the market looks weak and we are into an F&O expiry week with just 3 days left for the expiry and once again the market could be volatile but the market looks sideways with no clear signs of any direction but the bias could be down.

Nifty Outlook: Pivot Level: 2727

R1: 2745, R2: 2754, R3: 2772

S1: 2718, S2: 2700, S3: 2691

Indian ADRs: HDFC Bank down 4%, ICICI Bank down 3%, Tata Motors, Infosys down 2%

On the global front Wall Street tumbles; Dow at 12-year low & Asia trading weak; Nikkei slips 2.6%. Wall Street's woes continued unabated as US market slid to their lowest close in 12 years on Tuesday despite a rally in stocks of the financial sector. While there was good news for investors who cheered the news that the US government was not looking to completely nationalise the banking industry, economic gloom brought down the tech leaders and with them, the rest of the markets.