Pre Open Market Commentary

Market is likely to open firm today on back of positive global cues. Yesterday, market closed lower on back of profit booking across the index pivotals. BSE sensex closed at 14,041.20 down by 168.00 points and Nifty was down by 36.35 points to close at 4066.10. Today market could witness volatility on back of F&O expiry week. US market closed firm on Tuesday. DOW was up by 56.64 points to close at 12533.80 and NASDAQ was marginally up by 0.34 points to close at 2431.41. The major stock markets in Asia were trading in the positive territory on Wednesday. Nikkei 225 index was up 113.55 points to trade at 17,522.12 and Straits Times was up by 17.15 points to trade at 3150.05 and HangSeng index was up by 161.69 points to trade at 20931.39. Oil price surged to around $55 a barrel. Today Nifty has support at 4035 and resistance at 4,102 and BSE Sensex has support at 13,875 and resistance at 14,220. However, it is our advice to watch trading session carefully. FIIs were net purchasers to the tune of Rs 319.80 crores on 23rd January 2007. Mutual Funds were net sellers to the tune of Rs54.23 crores on 22nd January 2007.