The Indian market is likely to have positive opening as the Asian market is trading higher and US market closed in positive territory. On Wednesday, the Indian markets ended on a positive inspiring note as BSE Sensex closed higher by 197.98 points at 14,127.31 while Nifty closed up by 50.65 points at 4,170.95. We expect the market to be range bound during the trading session.
Wednesday, the US markets closed in green territory. The Dow Jones Industrial Average (DJI) surged by 103.69 points to close at 13,487.53. The S&P 500 (SPX) index closed higher by 12.95 points at 1,514.14 while the NASDAQ Composite (RIXF) closed up by 22.13 points at 2,547.42.
Indian ADRs closed in positive zone. In technology sector, Wipro closed up by 1.66% along with Patni computers by 1.06%, Satyam by 0.57% and Infosys by 0.23%. In banking sector, ICICI bank and HDFC bank surged by 7.03% and 4.84% respectively.
MTNL and VSNL grew by 3.13% and 1.19% respectively. In automobile sector, Tata Motors advanced by 3.65%. In Pharma sector, Dr Reddy''s lab gained by 3.05%.
The major stock markets in Asia are trading in positive territory. Japan''s Nikkei trading higher by 92.33 points at 17,621.33 while Hang Seng trading up by 85.52 points at 21,022.78. Straits Times gained by 13.17 points to trade at 3,514.34. Taiwan weighted trading at 8,065.80 up by 77.23 points.
Today, Nifty has support at 4,120 and resistance at 4,220 and BSE Sensex has support at 13,900 and resistance at 14,250.
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