Pre Open Market Commentary

Market is likely to edge higher today on back of thundering Q3 results of Reliance Industry. Yesterday, market opened firm and closed higher on back of robust Q3 results of companies. As a result, BSE sensex closed at 14,217.80 up by 86.50 points and Nifty was up by 32.60 points to close at 4109.05. Today market outlook will be continued optimism on back of excellent Q3 results of companies. US market closed in red on Thursday. DOW was down by 9.22 points to close at 12557.93 and NASDAQ was down by 36.21 points to close at 2443.21. Asian markets were trading in mixed on Friday. Nikkei 225 index was down 112.51 points to trade at 17,258.42 while HangSeng index was up by 24.23 points to trade at 20301.74. Oil price closed below $50 a barrel. Nifty has support at 4065 and resistance at 4,150 and BSE Sensex has support at 13,980 and resistance at 14,420. However, it is our advice to watch trading session carefully. FIIs were net purchasers to the tune of Rs 91.20 crores on 18th January 2007. Mutual Funds were net purchasers to the tune of Rs89.58 crores on 17thJanuary 2007.