Due to positive global clue, one can see a pullback on Wednesday but it might not last long.

On Tue, Indian market opened gap-down as we have predicted but due to shortcovering losses were recovered and we closed 1% down. One can see this uptrend to continue for a while on Wed, but soon it will fizzle out and downturn will continue.
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The domestic markets, moving in tandem with global cues, opened in the red On Tuesday. However, both indices recovered sharply in the last 90 minutes of trading on short-covering day traders in index and key stock futures, triggered by a strong opening of the European markets and the 174-point gain in the Dow Jones futures.
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We feel that 2,550 on the Nifty is a strong support level. However that, according to experts, would depend on the news flows coming from the US and other overseas markets.
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On Tue, Wall Street advances after steep selloff; investors calmed by hopes of auto bailout. Wall Street rebounded Tuesday, regaining some of the ground lost in the previous session's huge drop, as the potential for a bailout of the beleaguered auto industry helped calm investors. The Dow Jones industrials rose more than 225 points, regaining a third of Monday's nearly 680-point plunge.
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Investors found the prospect of a bailout heartening, but that stocks were also rising because of the market's now-familiar pattern of bouncing higher after a steep drop.
- Sandeep Jain, Associate, HBJ Capital