Pre Open Market Commentary

Market is likely to open firm today. On Friday 19th January 2007, market opened firm but instantly slipped into negative territory to close in red. As a result, BSE sensex closed at 14,182.70 down by 35.10 points and Nifty was down by 18.90 points to close at 4090.15. Today market outlook will be volatile on back of F&O expiry week. US market closed mixed on Friday. DOW was down by 2.40 points to close at 12565.53 and NASDAQ was up by 8.10 points to close at 2451.31. Asian markets were trading in positive territory on Monday. Nikkei 225 index was up 112.51 points to trade at 17,422, HangSeng index was up by around 120 points to trade at 20450 and Straits Times was up by 34 points to trade at 4012. Oil price closed below $53 a barrel. Today major quarter results are Maruti Udyog, Dr Reddy’s Lab, India Cements and National Aluminium Company. 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 111.90 crores on 19th January 2007. Mutual Funds were net purchasers to the tune of Rs58.95 crores on 18th January 2007.