Indian market is likely to have flat opening as the market is looking for a cue to get a clear direction. The Asian market is trading lower and US market closed mixed. On Tuesday, the Indian markets ended on a negative note as BSE Sensex declined by 36.53 points to close at 13,929.33 while Nifty closed lower by 14 points at 4,120.34. We expect the market to remain range bound during the trading session.
Tuesday, the US markets closed mixed. The Dow Jones Industrial Average (DJI) grew by 37.06 points to close at 13,383.84. The S&P 500 (SPX) index closed marginally lower by 1.96 points at 1,501.19 while the NASDAQ Composite (RIXF) declined by 21.15 points to close at 2,525.29.
Indian ADRs closed mixed. In technology sector, Patni computers slipped by 0.81% along with Infosys 0.27%, Wipro 0.18% and Satyam 0.08%. In banking sector, ICICI bank and HDFC grew by 1.78% and 0.16% respectively. MTNL and VSNL slipped by 0.54% and 0.46% respectively. In automobile sector, Tata Motors grew by 0.23%.
The major stock markets in Asia are trading mixed. Japan''s Nikkei plunged 40.40 points to trade at 17,472.58 while Hang Seng trading lower by 24.10 points at 20,844.05. Straits Times trading flat at 3,474.19. Taiwan weighted trading up by 10.82 points at 7,985.85.
Today, Nifty has support at 4,050 and resistance at 4,170 and BSE Sensex has support at 13,790 and resistance at 14,100.
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