Pre Open Market Commentary

Indian Markets will likely open on positive note today. Yesterday, markets ended higher on account of buying interest seen in index pivotals. As a result BSE sensex closed at 13,859.70 up by 151.40 points and Nifty was up by 33.75 points to close at 3974.25. Today, market outlook will be continued optimism though some profit booking may be seen on account of F&O expiry’s day. Today, again global indices may support the indices to stay in positive territory. US market ended higher on Wednesday as unexpectedly robust housing sales data cheered investors making last-minute additions to their 2006 portfolios. Dow was up by 102.94 points to close at 12510.57 and NASDAQ was up by 17.71 points to close at 2431.22. Major Asian markets were trading in positive territory on Thursday. The benchmark Nikkei 225 index was up by 29.13 points to 17,252.28. Hong Kong''s Hang Seng Index was up by 123.63 points to 19, 849.36 and Singapore''s STI was advancing 11.14 points to 2,972.39. Oil price was trading below $61 a barrel. Today, Nifty has support at 3,925 and resistance at 4025 and BSE Sensex have support at 13,650 and resistance at 14100. However, it is our advice to watch trading session carefully. FIIs were net sellers to the tune of Rs 153.00 crores in equity on 27th December 2006. Mutual Funds were net buyers to the tune of Rs 336.36 crores (provisional) in equity on 26th December 2006.