Pre Open market Commentary

Indian market is likely to have a flat opening with negative bias, as RBI is going to declare the monetary policy today as well as due to closing of US market in red territory and Asian market is trading lower. On Monday, the Indian markets ended in a positive note with marginal gains as BSE Sensex closed at 13,928.33 up by 30.92 points while Nifty up by 1.55 points to close at 4,085.10. We expect the market to remain choppy during the trading session.

Monday, the US markets closed in red. The Dow Jones Industrial Average (DJI) closed in red by 42.58 points down at 12,919.40. The S&P 500 (SPX) index declined by 3.42 points to close at 1480.93 while the NASDAQ Composite (RIXF) fell by 2.72 points to close at 2523.67.

Indian ADRs ended mixed. In technology sector, Patni computers surged by 3.81% where as Satyam, Wipro and Infosys declined by 1.32%, 1.19% and 1.18% respectively. In banking sector, ICICI Bank and HDFC bank gain grounds by 1.54% and 0.30% respectively. VSNL and MTNL grew by 1.79% and 0.26% respectively. In automobile sector, Tata Motors jumped by 2.62%.

The major stock markets in Asia are trading in red. The Nikkei 225 is trading at 17,315.19 tumbled by 140.18 points, Hang Seng fell by 142.69 points to trade at 20,413.88. Straits Times trading lower at 3,369.19 lost 19.29 points.

Today, Nifty has support at 3,920 and resistance at 4,180 and BSE Sensex has support at 13,600 and resistance at 14,180.