Pre Open Market Commentary

Indian market is likely to open on a positive note on the backdrop of significant gain in the US and Asian markets. On Monday, the Indian markets closed in green, as BSE Sensex closed at 12,945.88 up by 239.94 points and Nifty gained 66.95 points to close at 3,764.55.The outlook for the market is positive. Wednesday, US markets closed in green, as the Fed statement boosted the confidence of the investors. The Dow Jones Industrial Average (DJI) rose 159.42 points to close at 12,447.52. The S&P 500 (SPX) index gained 24.10 points to close at 1,435.04, and the NASDAQ Composite (RIXF) surged by 47.71 points to close at 2,455.92. Major Indian ADRs closed in green. In technology sector, Infosys up by 2.40%, Satyam edged up by 3.43% and Wipro gained 2.66%. Banking sector, ICICI Bank closed up by 4.38% and HDFC bank surged by 3.23%. MTNL closed gained 2.93% and VSNL increased by 5.37%.Asian market gained for a forth-straight day on the back of Wall Street gains. Japan''s Nikkei gained 1.70% to trade at 17,455.47, Heng Seng advanced 1.01% and Straits Times grew 2.09% to trade at 3,221.58. Brent crude oil for May settlement rose 57 cents to close at $60.77 a barrel.Today, Nifty has support at 3,650 and resistance at 3,900 and BSE Sensex has support at 12,700 and resistance at 13,300. We expect that the market will extend its gain today.