Pre Open Market Commentary

Indian market is likely to have flat opening as the Asian is trading mixed and US market closed flat. On Monday, the Indian markets closed little higher, as BSE Sensex closed marginally up by 19.60 points at 14,083.41 while Nifty closed a little high by 0.60 points at 4,145.60. We expect the market to remain range bound during the day.

Monday, the US markets closed in mixed. The Dow Jones Industrial Average (DJI) closed flat at 13,424.96. The S&P 500 (SPX) index closed marginally up by 1.45 points at 1,509.12 and NASDAQ Composite (RIXF) closed lower by 1.39 points at 2,572.15.

Indian ADRs ended mixed. In technology sector, Infosys surged by (3.90%) while Patni computers and Wipro declined by (1.56%)and (0.68%) respectively. HDFC bank and ICICI bank grew by (0.35%) and (0.13%) respectively. VSNL grew by (3.11%) while MTNL declined by (1.68%). In automobile sector, Tata Motors fell by (1.21%). In health care sector, Dr Reddy''s lab closed lower by (0.46%).

The major stock markets in Asia are trading mixed. The Nikkei 225 index declined by 64.63 points to trade at 17,769.85. Hang Seng grew by 47.47 points to trade at 20,662.96. Straits Times advanced by 12.80 points to trade at 3,558.26. Taiex trading marginally higher by 7.37 points at 8,346.25.

Today, Nifty has support at 4,090 and resistance at 4,200 and BSE Sensex has support at 13,920 and resistance at 14,270.