BORMarket Otlk: Indian Equity will have a flat opening on account of weak global cues and should see a sell-off with low volumes in the later half ...

Market Outlook: Indian Equity will have a flat opening on account of weak global cues and should see a sell-off with low volumes in the later half of the session. Recover is short can be in action for the day. Market is not over leveraged with long positions and looks prepared for a downside. Nifty now has a support at 2570-2600 and resistance at 2700-2750. Nifty has broken down the range of 2700-2950 and 2500 now is a major support.

Nifty Outlook: Pivot Level: 2699

S1: 2634, S2: 2594, S3: 2529

R1: 2739, R2: 2804, R3: 2744

Indian ADRs: ICICI down 12%, Tata Motors down 10.5%, MTNL, Wipro down 10%, Sterlite, HDFC Bank, Tata Comm down 7%

On the global front: US mkts tumble; Dow closes below 7K, S&P @ 700 crashes over 4% on AIGs Q4 $61.7 bn loss and Asia trading lower; Hang Seng plunges 3.8%. US markets ended at 12-year lows, as another bailout of insurance giant AIG stirred fears about the stability of the US’ financial system. The Dow closed below 7,000 for the first time since May 1997.