Pre Open Market Commentary

Market is likely to open lower today. Yesterday, markets ended weak on back of deep selling pressure seen across index pivotals. As a result, BSE sensex closed at 13,566.30 down by 85.90 points and Nifty was down by 22.00 points to close at 3,911.40. Today market outlook is likely to bearish on account of continued selling activities as Asian market were trading lower. US market closed flat on Tuesday. DOW was down by 6.89 points to close at 12416.6 and NASDAQ was up by 5.63 points to close at 2443.83. Asian markets were trading lower on Wednesday. Nikkei 225 index was losing 290.88 points to 16,946.89, Singapore''s Straits Times Index was trading at 2,973.56, down 34.79 points and KOSPI Index was down 22.60 points to 1,351.74. Oil price closed below $56 a barrel. Nifty has support at 3,865 and resistance at 3,935 and BSE Sensex has support at 13,430 and resistance at 13,685. However, it is our advice to watch trading session carefully. FIIs were net sellers to the tune of only Rs3075.70 crores in equity on 9th January 2007. Mutual Funds were net sellers to the tune of Rs148.30crores (provisional) in equity on 8th January 2007.