Pre Open Market Commentary

Market is likely to open on cautious note today. Yesterday, market opened higher but closed flat amid volatile trade due to lack of buying interest in index pivotals. As a result, BSE sensex closed at 14,114.7 0 down by 14.90 points and Nifty was up by 2.10 points to close at 4080.50. Today market outlook will be cautious and some profit booking is likely to witness during trade. US market closed mixed on Tuesday. DOW was up by 26.51points to close at 12582.59 while NASDAQ was down by 5.04 points to close at 2497.78. Asian markets were trading lower on Wednesday. Nikkei 225 index was down 124.34 points to trade at 17,078.12, Singapore''s Straits Times Index was trading at 3042.02, up 3.81 points, KOSPI index was down 16.70 points to 1373.01 and Hong Kong''s Hang Seng Index was losing 73.13 points to 19,954.13. Oil price dropped below $52 a barrel. Nifty has support at 4025 and resistance at 4,115 and BSE Sensex has support at 13,870 and resistance at 14,320. However, it is our advice to watch trading session carefully. FIIs were net sellers to the tune of Rs 238.90 crores on 16th January 2007. Mutual Funds were net purchasers to the tune of Rs103.51 crores on 15th January 2007.