Pre Open Market Commentary

Indian market is likely to open firm today on back of yesterday''s momentum as well as positive global cues. Yesterday, market zoomed on back of positive sentiment from global cues that attracted FIIs and Mutual funds for heavy buying in Banking, Metals and consumer durables goods stocks. As a result BSE sensex closed at 14,267.20 up by 176.30 points and Nifty was up by 54.50 points to close at 4137.20. The outlook for the market is continued optimism but some profit booking may be seen.

Thursday, US markets closed firm on back of bullish rally of industrial sectors and economic sensitive sectors. DOW finished with a new record high, up by 51.99 points to close at 12673.68 and NASDAQ was up by 4.45 points to close at 2468.38.

Indian ADRs closed higher on Thursday. In the technology sector, while Infosys advanced 1.22% and Satyam ended up 0.17%, Wipro slipped 0.06%. Tata Motors jumped 1.58%. Among banks, HDFC Bank rose 2.20% and ICICI Bank gained 1.11%. In the telecom space, Videsh Sanchar Nigam surged 3.85% and Mahanagar Telephone Nigam advanced 2.57%.

Friday, The major stock markets in Asia were trading higher in early morning following the firm closing of the US markets and strong economic data in the world''s largest economy US that was oblivious on Fed decision to keep interest rate unchanged. Nikkei 225 index was up by 80.90 points to trade at 17600.40, HongKong''s Hang Seng Index was trading at 20,552.13, up 121.97 points and Straits Times was up by 53.46 points to trade at 3221.56. Oil price closed above $57 a barrel.

Today, Nifty has support at 4105 and resistance at 4,175 and BSE Sensex has support at 14090 and resistance at 14,435. However, it is our advice to watch trading session carefully.