Pre Open Market commentary

Indian market is likely to have a flat opening, as the Asian market is trading lower and US market ended mixed. On Monday, the Indian markets ended on a negative note as BSE Sensex closed at 13,879.25 down by 55.02 points while Nifty declined by 6.20 points to close at 4,111.15. The market is likely to be range bound during the day.

Monday, the US markets closed mixed. The Dow Jones Industrial Average (DJI) closed higher by 48.35 points at 13,312.97. The S&P 500 (SPX) index grew by 3.86 points to close at 1,509.48 while the NASDAQ Composite (RIXF) closed lower by 1.20 points at 2,570.95.

Indian ADRs ended in negative. In technology sector, Infosys declined by 3.67% followed by Patni computers 2.85%, Wipro 2.30% and Satyam 1.52%. In banking sector, ICICI bank and HDFC bank closed lower by 1.39% and 1.33% respectively. VSNL and MTNL dropped by 2.42% and 0.94% respectively. In automobile sector, Tata Motors plunged by 1.16%.

The major stock markets in Asia are trading weak. Japan''s Nikkei declined by 21.83 points to trade at 17,648 along with Hang Seng down by 61.54 points to trade at 20,835.10. Straits Times trading lower at 3,470.32 tumbled by 7.27 points. . Taiwan weighted down by 17.28 points to trade at 8,097.99.

Today, Nifty has support at 4,040 and resistance at 4,180 and BSE Sensex has support at 13,650 and resistance at 14,080.