Pre Open Market Commentary

Indian market is likely to have a negative opening on the backdrop of the announcement made by the RBI to further tightening the money circulation in the economy. On Friday, the Indian markets closed in green, as BSE Sensex closed at 13,072.10 up by 92.44 points and Nifty gained 23.45 points to close at 3,821.55.The outlook for the market is negative. Friday, US markets closed flat. The Dow Jones Industrial Average (DJI) surge 5.60 points to close at 12,354.35. The S&P 500 (SPX) index dropped 1.67 points to close at 1,420.86, and the NASDAQ Composite (RIXF) grew by 3.76 points to close at 2,421.64.

Indian ADRs ended on a mixed note. In technology sector, Infosys grew by 0.18%, while Satyam and Wipro closed lower by 0.87% and 1.75%% respectively. In banking sector, ICICI Bank and HDFC bank dropped 6.94% and 4.16% respectively. MTNL and VSNL also ended in positive territory as it surged by 0.30% and 0.54% respectively.

The major stock market in Asia is mostly trading higher. The Nikkei 225 is trading at 17,377.17 up by 89.52 points, while Hang Seng advanced by 139.93 points to trade at 19,940.86. Straits Times grew by 24.61 points to trade at 3,255.85.

Today, Nifty has support at 3,725 and resistance at 3,900 and BSE Sensex has support at 12,750 and resistance at 13,200.