Pre Open Market Commentary

Indian market is likely to have a positive opening as the US and Asian markets are flat with positive bias. On Thursday, the Indian markets closed in green, as BSE Sensex closed at 13,308.03 up by 362.15 points and Nifty gained 111.35 points to close at 3,875.90.The outlook for the market is cautious. During afternoon session the coming inflation number may change the movement in either direction. Thursday, US markets closed flat, as there was no major support on data front. The Dow Jones Industrial Average (DJI) rose 13.62 points to close at 12,461.14. The S&P 500 (SPX) index dropped 0.50 points to close at 1,434.54, and the NASDAQ Composite (RIXF) fell by 4.18 points to close at 2,451.74.Major Indian ADRs closed in green except two. In technology sector, Infosys fell by 1.18%, Satyam edged up 0.17% and Wipro gained 0.24%. Banking sector, ICICI Bank closed up by 0.25% and HDFC bank surged by 1.04%. MTNL dropped 1.05% and VSNL increased by 7.51%.Asian market was trading mixed. Japan''s Nikkei advanced 0.20% to trade at 17,453.53, as investors consolidated gains after shares ended at a 3-week high in the previous session. Heng Seng down 0.16% and Straits Times dropped 0.21% to trade at 3,212.66. Today, Nifty has support at 3,750 and resistance at 3,975 and BSE Sensex has support at 12,800 and resistance at 13,500. We expect that the market may witness some profit booking.