Indian market is likely to open on cautious to lower on back of weak Asian markets. Yesterday, markets closed with modest gains amid volatile trade. As a result, BSE sensex closed at 12543.85 up by 14.23 points and Nifty was up by 2.50 points to close at 3643.60.The outlook for the market is cautious.
Thursday, US markets closed with modest gains on back of investors who found comfort in the market''s ability to bounce back from recent heavy losses. Dow gained 26 points to close at 12,159and the NASDAQ Composite (RIXF) closed up 7 points at 2,378.
Major Indian ADRs closed mixed. In technology sector, Infosys up by 0.27%, Satyam unchanged and Wipro gained by 0.77%. Banking sector, ICICI Bank closed lower 2.73% and HDFC bank lost 1.16%. MTNL closed up 2.30% and VSNL added 0.92%.
The major stock markets in Asia were trading weak on Friday. Nikkei 225 tumbled 155.46 points at 16,704.93. Straits Times was down 31.35 points at 3,063.25 and Taiwan''s Taiwan Weighted slipping 16.97 points at 7,678.99. Crude for April delivery dropped 61cents at USD57.55 a barrel.
Today, Nifty has support at 3585 and resistance at 3745 and BSE Sensex has support at 12365 and resistance at 12780. However, it is our advice to watch trading session carefully.
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