Pre Open Market Commentary

Market likely open on positive note today. Yesterday, markets ended higher after slipping in negative terrain due to buying interest seen in index pivotals especially in Health and IT stocks. As a result, BSE sensex closed at 14014.90 up by 72.70 points and Nifty was up by 16.65 points to close at 4024.05. Today market outlook will be continued optimism as indices managed to close above 4000 levels as well as better global cues but some profit booking may be witnessed during the trade. US market closed in green. DOW was up by 11.37 points to close at 12474.52 and NASDAQ was up by 7.87 points to close at 2423.16. Asian markets were trading mixed on Thursday. Nikkei 225 index was adding 149.85 points to 17,375.68. KOSPI was declining 10.81 points to1398.54, Hong Kong index was losing 20.4 points to 20,392.99 and Straits Times index was declining 15.05 points to 3022.69. Oil price slipped 0.17% to $58.22 a barrel as mild US weather curbs fuel consumption. Today, Nifty has support at 3,985 and resistance at 4045 and BSE Sensex have support at 13,875 and resistance at 14,220. However, it is our advice to watch trading session carefully. Mutual Funds were net sellers to the tune of Rs 7.98 crores (provisional) in equity on 2nd January 2007.