Pre Open Market Commentary

Indian market may edge higher on back of positive global cues. Yesterday, market saw higher volatile on account of Tata - Corus deal and RBI monetary policy as this news created nervousness among the participants. As a result BSE sensex closed at 14,090.90 down by 121.10 points and Nifty was down by 41.75 points to close at 4082.70. Today major quarterly result is ACC. The outlook for the market is continued optimism with little bit volatility

US markets closed higher on back of the Federal Reserve left the fed funds rate unchanged at 5.25% again for a fifth straight time. DOW finished with a record levels, up by 98.38 points to close at 12621.69 and NASDAQ was up by 15.29 points to close at 2463.93.

The major stock markets in Asia were trading higher in early morning following the surge in the US markets. Nikkei 225 index was up by 106.82 points to trade at 17490.24 and KOSPI was adding 19.06 points to trade at 1379.29 and Straits Times were up by 30.65 points to trade at 3156.21. Oil price closed above $57 a barrel as a report showed that US economy, the world''s biggest oil consumer, expanded at a faster-than-forecast annual pace of 3.5 percent last quarter.

Today, Nifty has support at 4055 and resistance at 4,130 and BSE Sensex has support at 13950 and resistance at 14,320. However, it is our advice to watch trading session carefully.