Indian market is likely to open on positive note today on back of favorable global cues. Friday, markets closed lower on account of heavy selling in cement stocks, capital goods and oil & gas stocks. As a result, BSE sensex closed at 12884.99 down by 164.36 points and Nifty was down by 43.65 points to close at 3718.00. The outlook for the market is cautious.
Friday, US markets closed mixed on back of limited jobs growth in February that showed potential in economy growth. Dow closed up 15.62 points at 12,276.32 and the NASDAQ closed marginally down 0.18 points at 2,387.55.
Indian ADRs closed mixed. In technology sector, Infosys marginally down by 0.02%, Satyam lost 0.27% while Wipro unchanged. Banking sector, ICICI Bank tumbled 1.46% and HDFC bank edged lower 1.45%. MTNL slipped 3.21% and VSNL down by 2.35%.
The major stock markets in Asia were trading in green on Monday. Nikkei 225 was up 135.44 points at 17,299.48. Straits Times rose 27.27 points at 3,170.98 while South Korea''s Seoul Composite was up 14.74 points at 1,438.32. Crude for April delivery closed lower 2.6% at $60.05 a barrel.
Today, Nifty has support at 3655 and resistance at 3815 and BSE Sensex has support at 12565 and resistance at 13120. However, it is our advice to watch trading session carefully.
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