Pre Open Market Commentary

Market is likely to edge higher on back of positive global cues today. Yesterday, markets ended with handsome gain on back of heavy buying interest seen across index pivotals. As a result, BSE sensex closed at 13,630.70 up by 268.50 points and Nifty was up by 91.95 points to close at 3,942.25. Today market outlook will be continued optimism on back of positive global cues. US market closed higher on Thursday. DOW made another record high to close at 12,514.98, up by 72.82 points and NASDAQ was up by 25.52 points to close at 2484.85. Asian markets were trading higher on Friday. Nikkei 225 index was adding 265.95 points to 17,104.12, Singapore''s Straits Times Index was trading at 2,983.75, up 22.60 points and KOSPI Index was up 22.01 points to 1,387.32. Oil price closed below $52 a barrel after it was found that consumption last week had dropped 4 percent, based on refinery deliveries. Nifty has support at 3,895 and resistance at 3,985 and BSE Sensex has support at 13,450 and resistance at 13,825. However, it is our advice to watch trading session carefully. FIIs were net sellers to the tune of Rs 1106.80 crores on 11thJanuary 2007.Mutual Funds were net sellers to the tune of Rs 123.66 crores on 10th January 2007.