Market analyst Rajat Bose says Nifty has strong support at 8,127 and if 8000 levels are breached, it could slide to 7800 levels. The Sensex was up 37 points to 27,024 while Nifty edged up by 11 points to 8,138.
Sensex fell 854 points on Tuesday as a tumble in oil prices roiled global markets.
Asian markets recovered today as investors' appetite for risk returned, despite a fall in Wall Street shares driven by global economic worries and slumping oil prices.
Japan's Nikkei benchmark added 0.4 per cent to 16,945.43.
Oil prices remained near five-and-a-half year lows in early Asian trading on Wednesday after prices saw yet more heavy falls in the previous session, and analysts said a supply glut meant that more falls were likely before a rebound. (With Agency Inputs)