Pre Open Market Commentary

The Indian market is likely to have flat opening. The Asian market is trading higher and US market closed in positive territory. On Friday, the Indian markets ended mixed as BSE Sensex closed higher by 3.70 points at 14,303.41 while Nifty closed lower by 5.05 points at 4,214.50. We expect the market to remain range bound during the day.

Friday, the US markets closed in green territory. The Dow Jones Industrial Average (DJI) surged by 79.81 points to close at 13,556.53. The S&P 500 (SPX) index closed higher by 10 points at 1,522.75 while the NASDAQ Composite (RIXF) closed up by 19.07 points at 2,558.45.

Indian ADRs closed in mixed. In technology sector, Satyam closed up by 0.91% along with Patni computers by 0.19% while Infosys and Wipro declined by 1.39% and 0.18% respectively. In banking sector, ICICI bank and HDFC bank grew by 1.40% and 0.97% respectively. VSNL and MTNL declined by 1.03% and 0.93% respectively. In automobile sector, Tata Motors advanced by 0.72%. In Pharma sector, Dr Reddy''s lab gained 1.17%.

The major stock markets in Asia are trading in positive. Japan''s Nikkei trading higher by 97.58 points at 17,497.16. Straits Times gained 6.45 points to trade at 3,518.85. Taiwan weighted trading at 8,098.18 up by 64.04 points.

Today, Nifty has support at 4,140 and resistance at 4,255 and BSE Sensex has support at 14,050 and resistance at 14,480.