Pre Open Market Commentary

The Indian market is likely to have positive opening as the Asian market is trading higher and US market closed in positive territory. On Friday, the Indian markets ended in a positive note as BSE Sensex closed in green by 120.34 points at 14,338.45 while Nifty closed at 4248.15 up by 43.25 points. We expect the market to remain optimistic during the day.

Friday, the US markets closed in green. The Dow Jones Industrial Average (DJI) grew by 66.15 points to close at 13,507.28. The S&P 500 (SPX) index closed higher by 8.22 points at 1515.73 and the NASDAQ Composite (RIXF) inclined by 19.27 points to close at 2,557.19.

Indian ADRs closed in positive. In technology sector, Patni computers surged by 7.95% along with Satyam by 3.84%, Wipro by 2.88% and Infosys by 2.76%. In banking sector, HDFC bank and ICICI bank grew by 2.16% and 1.38% respectively. VSNL and MTNL inclined by 1.10% and 0.40% respectively. In automobile sector, Tata Motors advanced by 3.04%. In Pharma sector, Dr Reddy''s lab grew by 2.09%.

The major stock markets in Asia are trading in positive zone. Japan''s Nikkei advanced by 118.22 points to trade at 17,599.43. Hang sang rose by 66.32 points to trade at 20,586.98, Straits Times trading higher by 11.98 points at 3,498.61. Taiwan weighted trading at 8,166.14 up by 6.17 points.

Today, Nifty has support at 4,200 and resistance at 4,310 and BSE Sensex has support at 14,150 and resistance at 14,530.