Pre Open Market Commentary

Indian market is likely to have a positive opening, as the Asian market is trading higher and US market closed in green. On Wednesday, the Indian markets closed in negative zone, as BSE Sensex ended lower by 96.83 points at 14,411.38 whereas Nifty slipped by 43.6 points to close at 4,249.65. We expect the market to remain choppy during the day.

Wednesday, the US markets closed in green. The Dow Jones Industrial Average (DJI) closed in positive by 111.74 points at 13,633.08. The S&P 500 (SPX) index closed up by 12.12 points at 1,530.23 while the NASDAQ Composite (RIXF) closed higher by 20.53 points at 2,592.59.

Indian ADRs ended mixed. In technology sector, Wipro and Satyam closed higher by 2.92% and 0.52% respectively while Patni computers and Infosys slipped by 2.97% and 0.65% respectively. In banking sector, ICICI bank and HDFC Bank grew by 1.76% and 0.45% respectively. VSNL increased by 0.23% while MTNL tumbled by 1.30%. In automobile sector, Tata Motors closed up by 0.60%. In health care sector, Dr Reddy;s lab closed lower by 0.18%.

The major stock markets in Asia are trading strong. The Nikkei 225 is trading at 17,781.41 up by 193.15 points. Hang Seng trading higher by 194.48 points at 20,488.24. Straits Times trading in positive at 3,511.13 rose by 15.95 points. Taiex gained 60.98 points to trade at 8,208.32.

Today, Nifty has support at 4,205 and resistance at 4,310 and BSE Sensex has support at 14,305 and resistance at 14,640.