Pre Open Market Commentary

Indian market is likely to have a negative opening as the US market closed in deep red whereas the Asian markets are trading mixed. On Wednesday, the Indian markets closed in red, as BSE Sensex closed at 12,884.34 dropped by 239.98 points and Nifty declined 58.85 points to close at 3,761.10.The outlook for the market is negative on account of weak global cue and F&O expiry.Wednesday, US markets closed in red. The Dow Jones Industrial Average (DJI) fell 96.93 points to close at 12,300.36. The S&P 500 (SPX) index dropped 11.38 points to close at 1,417.23, and the NASDAQ Composite (RIXF) declined by 20.33 points to close at 2,417.10.Indian ADRs ended on a week note. Tata Motors dropped 3.3% to $16.92 and in line with this Infosys, Wipro, HDFC Bank and VSNL were down 1 to 2% each to $50.46, $16.14, $67.37 and $18.43 respectively.The major stock market in Asia is trading mixed on account of the Fed Chairman announcement, surging crude oil prices and weak February durable orders report in the US. The Nikkei 225 is trading at 17,096.25, down by 158.48 points, while Hang Seng up by 44.74 points to trade at 19,011.51. Taiex rose by 3.98 points to trade at 7,792.12. Today, Nifty has support at 3,675 and resistance at 3,800 and BSE Sensex has support at 12,600 and resistance at 13,000.