Pre Open Market Commentary

Market is likely to open on positive note today. Yesterday, markets ended weak on back of deep selling pressure seen across index pivotals. As a result, BSE sensex closed at 13,652.20 down by 208.30 points and Nifty was down by 50.00 points to close at 3,933.40. Today market outlook will be cautious and profit booking may be witnessed during trade. US market closed in green. DOW was up by 25.48 points to close at 12423.49 and NASDAQ was up by 3.95 points to close at 2438.20. Asian markets were trading in positive territory on Tuesday on account of buying interest seen in mining, steel, technology and energy stocks. Nikkei 225 index was adding 118.54 points to 17,210.13, Singapore''s Straits Times Index was trading at 3,012.37, up 12.37 points and Hong Kong''s Hang Seng Index was up 50.32 points or 0.25% to 20,079.98. Oil price slipped below Dollar 56 a barrel as mild US weather curbs fuel consumption and fuel stockpiles. The beleaguered Cairn India Ltd. will make its stock market debut on Tuesday. Nifty has support at 3,885 and resistance at 3,955 and BSE Sensex has support at 13,450 and resistance at 13,785. However, it is our advice to watch trading session carefully. FIIs were net purchasers to the tune of only Rs 0.90crores in equity on 8th January 2007. Mutual Funds were net purchasers to the tune of Rs 15.48crores (provisional) in equity on 5th January 2007.