Indian market is likely to open on cautious note note. Yesterday, markets bounced back on back of buying interest in IT, Banking and Capital goods stocks. As a result, BSE sensex closed at 13159.55 up by 221.46 points and Nifty was up by 65.90 points to close at 3811.20. The outlook for the market is cautious optimism.
Tuesday, US markets closed lower on back of upbeat manufacturing data allayed fears about a flagging US economy on Wednesday. Dow closed down 34.29 points at 12,234.34 and the NASDAQ closed down 11.94 points at 2,404.21.
The major stock markets in Asia were trading mixed on Friday. Nikkei 225 index tumbled 232.85 points at 17220.66. Hang Seng was up 143.82 points at 19490.42 while Straits Times was down 9.95 points at 3082.63. Oil prices traded above $61 a barrel.Today, Nifty has support at 3755 and resistance at 3875 and BSE Sensex has support at 12850 and resistance at 13375. However, it is our advice to watch trading session carefully.
FIIs were net sellers to the tune of Rs1644.30crores in equity (provisional) on 28th February 2007. Mutual funds were net purchasers to the tune of Rs243.48crores in equity (provisional) on 27thFebruary 2007.
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