Pre Open Market Commentary

Indian market is likely to open on a positive note on the backdrop of recovery in Asian as well as US markets. On Monday, markets gained, as BSE Sensex closed at 12,644.99 up by 214.59 points and Nifty gained 70.35 points to close at 3678.90.The outlook for the market is positive.Friday, US markets closed with positive bias, as some of the M&A news and rally in overseas market boosted the confidence of the investors. The Dow Jones Industrial Average (DJI) rose 115.76 points to close at 12,226.17, the index biggest gain since March 06. The S&P 500 (SPX) index gained 15.11 points to close at 1,402.06, and the NASDAQ Composite (RIXF) surged by 21.75 points to close at 2,394.41. Major Indian ADRs closed in green. In technology sector, Infosys up by 2.36%, Satyam edged up by 5.13% and Wipro gained 2.75%. Banking sector, ICICI Bank closed up by 3.36% and HDFC bank surged by 3.61%. MTNL closed up 4.80% and VSNL increased by 3.54%.Asian stocks climbed for a second consecutive day on Tuesday led by Japanese exporter after the yen extended a slide against the dollar and Euro. Toyota Motors and Honda are two of the main gainers. Japanese benchmark index, Nikkei gained 196.65 points to trade at 17206.20. Hang Seng, Taiex, Kospi and Shanghai Composite rose by 106.98 points, 34.48 points, 0.03 points and 6.64 points to trade at 19373.72, 7771.94, 1443.42 and 3021.08 respectively. Today, Nifty has support at 3600 and resistance at 3800 and BSE Sensex has support at 12500 and resistance at 13000. We expect the market will extend its gain today.