Pre Open Market Commentary

The Indian market is likely to have negative opening, as the Asian market is trading lower and US market closed in negative. On Thursday, the Indian markets ended in a negative note as BSE Sensex closed in red by 145.15 points at 14,218.11 while Nifty closed at 4,204.90 fell by 41.3 points. We expect the market to trade in red zone during the day.

Thursday, the US markets closed in red. The Dow Jones Industrial Average (DJI) fell by 84.52 points to close at 13,441.13. The S&P 500 (SPX) index closed lower by 14.77 points at 1507.51 and the NASDAQ Composite (RIXF) declined by 39.13 points to close at 2537.92.

Indian ADRs closed in negative. In technology sector, Wipro declined by 2.86% along with Infosys by 1.78% and Satyam computers by 1.28%. In banking sector, HDFC bank and ICICI bank fell by 1.99% and 0.62% respectively. VSNL and MTNL declined by 3.19% and 1.72% respectively. In automobile sector, Tata Motors slipped by 0.80%. In Pharma sector, Dr Reddy''s lab fell by 1.68%.

The major stock markets in Asia are trading in negative zone. Japan''s Nikkei declined drastically by 280.86 points to trade at 17,416.11. Straits Times plunged 38.45 points to trade at 3,491.81. Taiwan weighted trading at 8,148.78 down by 67.63 points.

Today, Nifty has support at 4,100 and resistance at 4,240 and BSE Sensex has support at 13,900 and resistance at 14,310.