Indian markets are likely to open flat to positive, taking cues from Asian markets. The SGX Nifty was trading 15 points up in the morning. Other Asian markets were also positive in the morning despite the US markets falling around 3% on an average. The Japanese government announced that it was prepared to unveil a new stimulus package, which bucked up the confidence in Asian markets. The rupee is expected to gain from Asian stocks gaining.
The Sensex has supports at 9510 and 9330 and resistances at 9710 and 9820. The Nifty has supports at 2960 and 2920 and resistances at 3120 and 3160.
Asian stocks rose as Japan prepared to unveil a new stimulus package and confidence among South Korean manufacturers rose. The Nikkei gained 72.8 points, or 0.9%, to trade at 8,308.8. The Hang Seng advanced 169.1 points, or 1.3%, to trade at 13,625.5.
US stocks tumbled on Monday as two major US automakers took a step closer to potential bankruptcy and a spate of European bank rescues heightened concerns over the financial system's health, putting the brakes on a recent run-up. The Dow Jones lost 254.16 points, or 3.27%, to 7,522.02. The S&P 500 tumbled 28.41 points, or 3.48%, to 787.53. The Nasdaq fell 43.40 points, or 2.81%, to 1,501.80.
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