Pre Market Commentary

Market is likely to open on negative note today. Yesterday, market closed flat amid volatile trade. BSE sensex closed at 14,209.20 up by 26.50 points and Nifty was up by 12.30 points to close at 4102.45. Today market outlook will be cautious on back of F&O expiry week and weak global cues. US market closed sharply lower on Monday as sentiment towards the technology sector soured further after disappointing earnings last week. DOW was down by 88.37 points to close at 12477.16 and NASDAQ was down by 20.24 points to close at 2431.07. The major stock markets in Asia were trading in the negative territory on Tuesday morning, largely due to weaker closing in overnight US markets. Nikkei 225 index was down 84.39 points to trade at 17,339.29 and Straits Times was down by 9.12 points to trade at 3136.08 while HangSeng index was up by 18.41 points to trade at 20790.63. Oil price closed below $53 a barrel. Today major quarterly results are SBI, Bharti Airtel and Tata Motors. Nifty has support at 4065 and resistance at 4,150 and BSE Sensex has support at 13,980 and resistance at 14,420. However, it is our advice to watch trading session carefully. FIIs were net purchasers to the tune of Rs 76.80 crores on 22nd January 2007. Mutual Funds were net sellers to the tune of Rs402.04 crores on 19th January 2007.