arooj,

First of all, the most generalized setup for any OLTP enviroment I've seen is:

full backup-- Weekend

differntial backup--daily once [usually end of day]

log backup-- ranging from 30 mins to 3 hours depending on the nature of database

For recovery at particular point, you can search for "point in time recovery" in google to check how the database can be recovered with this setup.

Hope this helps.