Pre Open Market Commentary

Indian market is likely to have a cautious opening as the US market closed in red whereas the Asian markets open mixed. On Monday, the Indian markets closed in red, as BSE Sensex closed at 13,124.32 dropped by 161.61 points and Nifty declined 41.10 points to close at 3,819.95.The outlook for the market is cautious on account of F&O expiry week. Tuesday, US markets closed in red. The Dow Jones Industrial Average (DJI) fell 71.78 points to close at 12,397.29. The S&P 500 (SPX) index dropped 8.89 points to close at 1,428.61, and the NASDAQ Composite (RIXF) declined by 18.2 points to close at 2,437.43.Indian ADRs ended on a week note. ICICI Bank dropped 3% to $39.55. Infosys, Satyam, Wipro, HDFC Bank and Tata Motors slipped 1-2% each to $51.66, $22.92, $16.37, $68.24 and $17.50, respectively.The major stock market in Asia is trading in flat on account of weaker US home sales and consumer confidence data. The Nikkei 225 is trading at 17,393.11, up 28.06 points, while Hang Seng dropped 4.64 points to trade at 19,702.15. Taiex fell by 25.85 points to trade at 7,819.32. Kospi and Straits Times dropped 1.39 points and 22.15 points to trade at 1,451.93 and 3,211.96 respectively.Today, Nifty has support at 3,725 and resistance at 3,900 and BSE Sensex has support at 12,850 and resistance at 13,300.