Pre Open Market Commentary

Indian market is likely to have a flat opening as the Asian market is trading higher and US market closed in green. On Friday, the Indian markets closed marginally higher, as BSE Sensex closed up by 26.29 points at 14,570.75 while Nifty grew marginally by 1.25 points to close at 4,297.05. We expect the market to remain range bound during the day.

Friday, the US markets closed in green. The Dow Jones Industrial Average (DJI) closed higher by 40.47 points at 13,668.11. The S&P 500 (SPX) index closed marginally up by 5.72 points at 1,536.34 while the NASDAQ Composite (RIXF) closed in positive at 2,613.92 up by 9.40 points.

Indian ADRs ended in positive. In technology sector, Patni computers grew by 1.93% along with Infosys by 1.10%, Satyam by 0.33% and Wipro by 0.31%. In banking sector, ICICI bank and HDFC bank rose by 2.06% and 1.87% respectively. VSNL grew by 1.07% while MTNL surged by 13.06%. In automobile sector, Tata Motors closed up by 0.75%. In health care sector, Dr Reddy;s lab closed higher by 0.57%.

The major stock markets in Asia are trading higher. The Nikkei 225 is trading at 17,992.78 up by 33.90 points. Hang Seng trading surged by 161.98 points to close at 20.764.85. Straits Times trading in positive at 3,572.77 rose by 24.45 points. Taiex gained 39.79 points to trade at 8,289.69.

Today, Nifty has support at 4,245 and resistance at 4,350 and BSE Sensex has support at 14,410 and resistance at 14,750.