Key levels: Stiff resistance around 9,035 & 9,175

The markes recovered smartly from the day's lows yesterday helped by some short covering in select counters ahead of the February derivatives expiry. .

The Sensex is likely to open up backed by smart gains in the global markets. However, the upmove at a max would stretch up to 9,425, before which, the index is likely to face stiff resistance around 9,035-9,175 during this week.

On the downsde, the 8,435 level will remain the crucial to watch out for till the end of March. If the index is able to sustain above it, then the index may bounce back upto 9,635 atleast. However, if the index breaks 8,435, then the index is likely to re-test its October lows.

Today, the Sensex may face resistance at 8,910-8,940-8,970, while support on the downsde would be around 8,730-8,705-8,675.

The NSE Nifty is likely to face resistance around 2,760-2,770-2,775, while support on the downside will be around 2,705-2,700-2,690.