Indian market is likely to open on positive note on back of global market recovery. Yesterday, markets ended strong amid higher volatility. IT, Bank and Oil & gas stocks witnessed heavy buying whereas FMCG and Metal stocks witnessed selling activities. As a result, BSE sensex closed at 12697.09 up by 282.05 points and Nifty was up by 79.15 points to close at 3655.65. The outlook for the market is guarded optimism.
Tuesday, US markets rallied on back of recovery in Asian markets and the dollar gained back some ground against the yen. Dow closed up 157 points at 12,207 and the NASDAQ closed up 44.46 points at 2,385.14.
Indian ADRs closed in green. In technology sector, Infosys up by 4.31%, Satyam gained 5.69% and Wipro rose 5.74%. Banking sector, ICICI Bank up by 4.17% and HDFC bank edged up 6.13%. MTNL gained 4.90% and VSNL up by 5.59%.
The major stock markets in Asia were trading mixed on Wednesday. Nikkei 225 was down 0.46% or 77.9 points at 16,766.6. Straits Times surged 1.64% or 49.72 points at 3,086.24 and South Korea''s Seoul Composite was up 0.11% or 1.56 points at 1,404.49 Oil prices trade above $60 a barrel.
Today, Nifty has support at 3610 and resistance at 3725 and BSE Sensex has support at 12455 and resistance at 12850. However, it is our advice to watch trading session carefully.
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