Pre Open Market Commentary

Indian market is likely to open on positive note today. Yesterday, market ended amid higher volatile, as participants were cautious due to F&O expiry and Budget. BSE sensex closed at 14188.49 down by 64.89 points while Nifty was down by 10.75 points to close at 4096.20. The outlook for the market is optimistic while volatility could not be denied on back of F&O expiry day. Wednesday, US markets closed mixed on back of issues regarding a potential firming in inflation rates that weighed on sentiment and exacerbated the temptation to book some profit. DOW closed down 48.23 points at 12738.41 while NASDAQ was 5.38 points up to close at 2518.42. The major stock markets in Asia are trading in positive territory on Thursday. Nikkei 225 index was adding 191.09 points at 18104.30. Hang Seng was up by 174.54 points at 20825.96 and Straits Times was up 9.87 points at 3300.48. Oil prices traded to around $60 a barrel.Today, Nifty has support at 4,075 and resistance at 4,155 and BSE Sensex has support at 14,085 and resistance at 14,450. However, it is our advice to watch trading session carefully. FIIs were net buyers to the tune of Rs473.90crores in equity (provisional) on 21st February 2007. Mutual funds were net purchasers to the tune of Rs2.95crores in equity (provisional) on 20th February 2007.