Pre Open Market Commentary

Indian Markets will likely open on cautious note today. Friday, markets ended in red amid choppy trade. As a result, BSE sensex closed at 13,786.90 down by 59.40 points and Nifty was down by 4.15 points to close at 3966.40.Today, market outlook will be guarded optimism on account positive Asian cues. Asian markets were trading higher on first trading session of 2007. Hong Kong, Taiwan and Indonesian markets were advancing. Japan, New Zealand, Malaysia, China and Singapore markets remained closed. Oil price was trading below $61 a barrel. Today, Nifty has support at 3,935 and resistance at 4002 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 1049.70 crores in equity on 29th December 2006. Mutual Funds were net buyers to the tune of Rs 677.10crores (provisional) in equity on 28th December 2006.