Pre open market commentary

Indian market is likely to have positive opening as the Asian market is trading higher. On Thursday, the Indian markets closed in positive territory, as BSE Sensex closed higher by 73.51 points at 14,504.57 while Nifty grew by 18.05 points to close at 4,282. We expect the market to remain range bound during the trading session.

Thursday, the US markets closed in mixed. The Dow Jones Industrial Average (DJI) decreased by 5.45 points to close at 13,422.28. The S&P 500 (SPX) index slipped by 0.63 points to close at 1,505.71 and NASDAQ Composite (RIXF) closed up by 3.02 points at 2,608.37 points.

Indian ADRs closed in mixed. In technology sector, Patni computers grew by (1.61%) along with Infosys, Satyam and Wipro by (1.16%), (1.25%) and (0.57%) respectively. HDFC bank and ICICI bank grew by (1.19%) and (0.45%) respectively. VSNL declined by (0.77%).

The major stock markets in Asia are trading higher. The Nikkei 225 grew by 156.29 points to trade at 18,088.56 Hang Seng grew by 37.28 points to trade at 21,975.50. Strait Times index was up by 5.31 points to trade at 3,543.54. Taiwan weighted trading lower by 31.38 points at 8,861.45.

Today, Nifty has support at 4,240 and resistance at 4,345 and BSE Sensex has support at 14,405 and resistance at 14,650.