Indian market is likely to open on firm note on back of recovery in Asian Market. Yesterday, markets ended lower after opening on firm note on account of selling pressure in Metal, IT, Bank and FMCG stocks. As a result, BSE sensex closed at 12579.75 down by 117.34 points and Nifty was down by 28.80 points to close at 3626.85. The outlook for the market is cautious.
Wednesday, US markets closed in red on concerns about slower growth and weakness in the housing market, amid a diminishing appetite for risk recovery. Dow closed down 15.14 points at 12,192.45 and the NASDAQ closed down 10.50 points at 2,374.64.
Indian ADRs closed lower. In technology sector, Infosys down by 2.12%, Satyam lost 1.19% and Wipro slipped 1.66%. Banking sector, ICICI Bank declined by 1.19% and HDFC bank edged lower 1.19%. MTNL gained 0.32% and VSNL down by 1.28%.
The major stock markets in Asia were trading higher on Thursday. Nikkei 225 was down 38 points at 16,726.6. Straits Times surged 8.43 points at 3,067.58 and South Korea''s Seoul Composite was up 7.41 points at 1,418.36 Oil prices trade above $62 a barrel.
Today, Nifty has support at 3585 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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