BOR: Market Outlook: Indian equity markets will have negative opening today on the back of global sentiments but is expected to find support at lower

Market Outlook: Indian equity markets will have negative opening today on the back of global sentiments but is expected to find support at lower levels. Nifty has supports at 3250- 3300 and resistances are at 3400-3440. Some volatility and choppiness is also expected. All eyes are expected on the RBI credit policy review which is expected to be announced in the early noon. We expect RBI to keep the rate unchanged. Banks may see shorting ahead of the Credit Policy.

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Nifty Outlook: Pivot Point: 3385

R1: 3432, R2: 3487, R3: 3534

S1: 3330, S2: 3284, S3: 3229

Indian ADRs: ICICI Bank down 7%, HDFC Bank slips 6%, In the IT space, Wipro wad down 5.43%, Infosys was down 3.11%

On the global front US mkts tumble led by financials; Dow ends 290 points downwhile Asia trading weak; Hang Seng, Nikkei down over 3%. The US markets ended sharply lower as Bank of America earnings and the stress-test buzz dragged down financials. Bank Of America earnings beat expectations, helped by Merrill Lynch, but also revealed a huge jump in troubled loans. Shares fell nearly 25% on the news. Investors were also troubled by a report that the government is converting its interest in bailed-out financial institutions from preferred into common shares. The Dow fell 289.60 points, or 3.6%, to 7,841.73. The S&P's 500 index fell 37.21 points, or 4.3%, to 832.39, and the NASDAQ Composite Index fell 64.86 points or 3.9% to 1,608.21.