Pre Open market Commentary

Indian market is likely to have a positive opening with positive bias, but volatility will be seen due to expiry of derivative contracts tomorrow. The US market ended in green territory and Asian market is trading lower. On Tuesday, the Indian markets ended in a positive note with marginal gains as BSE Sensex closed at 14,136.72 up by 208.39 points while Nifty grew by 56.7 points to close at 4141.80. We expect the market to remain in positive during the trading session.

Tuesday, the US markets closed in green The Dow Jones Industrial Average (DJI) closed in green by 34.54 points up at 12,953.94. The S&P 500 (SPX) index declined by 0.52 points to close at 1480.41 while the NASDAQ Composite (RIXF) grew marginally by 0.87 points to close at 2524.54.

Indian ADRs ended mixed. In technology sector, Patni computers grew by 1.30% where as Satyam, Wipro and Infosys declined by 0.91%, 1.69% and 1.01% respectively. In banking sector, ICICI Bank and HDFC bank gain grounds by 3.99% and 3.47% respectively. MTNL and VSNL declined by 6.61% and 0.01% respectively. In automobile sector, Tata Motors jumped by 4.50%.

The major stock markets in Asia are trading in red. The Nikkei 225 is trading at 17,284.59 tumbled by 167.18 points, Hang Seng fell by 13.70 points to trade at 20,586.50. Straits Times trading lower at 3,367.42 lost 7.10 points.

Today, Nifty has support at 4,020 and resistance at 4,250 and BSE Sensex has support at 13,900 and resistance at 14,400.