Pre Open Market Commentary

Market is likely to open on positive note today. Yesterday, market opened firm but closed flat amid volatile trade due to lack of buying interest in index pivotals. As a result, BSE sensex closed at 14,131.30 up by 16.60 points and Nifty was down by 4.05 points to close at 4076.45. Today market outlook will be determined by the India''s top private oil refiner Reliance Industries (RIL) that are going to announce its results on Thursday (18 January). This is primarily due to its heavy weightage on both Sensex and Nifty. Other major results of the day are Ranbaxy Labs, Reliance Energy, UltraTech Cement and Siemens. US market closed in red on Wednesday. DOW was down by 5.44 points to close at 12577.15 and NASDAQ was down by 18.36 points to close at 2479.42. Asian markets were trading in positive territory on Thursday. Nikkei 225 index was up 82.45 points to trade at 17,343.80, Singapore''s Straits Times Index was trading at 3052.38, up 14.72 points and KOSPI index was up 3.86 points to 1383.34. Oil price closed below $53 a barrel. Nifty has support at 4045 and resistance at 4,115 and BSE Sensex has support at 13,920 and resistance at 14,320. However, it is our advice to watch trading session carefully. FIIs were net purchasers to the tune of Rs 101.30 crores on 17thJanuary 2007. Mutual Funds were net purchasers to the tune of Rs71.84 crores on 16thJanuary 2007.