Indian market is likely to open on cautious note. Yesterday, markets melt down on back of weak global cues that were translated into heavy selling activities across index pivotals. BSE sensex closed at 12938.09 down by 540.74 points while Nifty was down by 148.60 points to close at 3745.30. The outlook for the market is abundant cautious.
Tuesday, US markets closed in green on Wednesday as Investors found comfort in a partial recovery of the Shanghai stock market and also welcomed soothing words from Federal Reserve Chairman Ben Bernanke. DOW closed gained 52.39 points at 12268.63 and NASDAQ was 8.27 points up to close at 2416.13.
The major stock markets in Asia were trading lower on Thursday. Nikkei 225 index tumbled 203.16 points at 17400.96. Hang Seng was plunged 157.03 points at 19494.48 while Straits Times was up 8.54 points at 3112.69. Oil prices traded above $61 a barrel.
Today, Nifty has support at 3668 and resistance at 3845 and BSE Sensex has support at 12750 and resistance at 13350. However, it is our advice to watch trading session carefully.
FIIs were net sellers to the tune of Rs415.70crores in equity (provisional) on 27th February 2007. Mutual funds were net purchasers to the tune of Rs348.58crores in equity (provisional) on 27thFebruary 2007.
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