Pre Open Market Commentary

Indian Markets will likely open on cautious note today. Yesterday, markets ended in red amid choppy trade due to expiry of F&O contracts. As a result, BSE sensex closed at 13,846.30 down by 13.40 points and Nifty was down by 3.70 points to close at 3970.55. Today, market outlook will be guarded optimism on account weekend factor and last trading session of the year. Today, global cues are not much impressive. US market ended red on Thursday. Dow was down by 9.05 points to close at 12501.52 and NASDAQ was down by 5.65 points to close at 2425.57. Asian markets were trading mixed on Friday. The benchmark Nikkei 225 index was up by 48.74 points to 17,273.55. Hong Kong''s Hang Seng Index was losing 63.37 points to 19, 938.54 while Singapore''s STI was advancing 10.20 points to 2,973.69. Oil price was trading below $61 a barrel. Today, Nifty has support at 3,945 and resistance at 4015 and BSE Sensex have support at 13,750 and resistance at 14,030. However, it is our advice to watch trading session carefully. FIIs were net sellers to the tune of Rs 368.20 crores in equity on 28th December 2006. Mutual Funds were net buyers to the tune of Rs 391.48 crores (provisional) in equity on 27th December 2006.