Pre Open Market Commentary

Indian market is likely to open flat with positive bias, mainly on the back of positive global cues. On Thursday, the Indian markets closed on a positive inspiring note, as BSE Sensex closed higher by 200.69 points at 14,203.72 while Nifty closed up by 56.95 points at 4,170. We expect the market to remain range bound during the day.

Thursday, the US markets closed in green. The Dow Jones Industrial Average (DJI) advanced by 71.37 points to close at 13,553.72. The S&P 500 (SPX) index closed marginally up by 7.30 points at 1,522.97 and NASDAQ Composite (RIXF) grew by 17.10 points to close at 2,599.41.

Indian ADRs closed in positive territory. In technology sector, Patni computers surged by (3.94%) followed by Infosys by (2.72%), Satyam by (1.57%) and Wipro by(1.14%). ICICI bank and HDFC bank grew by (0.22%) and (0.12%) respectively. VSNL and MTNL grew by (1.13%) and (0.66%) respectively. In automobile sector, Tata Motors advanced by (0.31%). In health care sector, Dr Reddy''s lab up by (0.77%).

The major stock markets in Asia are trading in green. The Nikkei 225 is trading at 17,962.73 up by 120.44 points, Hang Seng trading higher by 72.56 points at 20,939.82. Straits Times trading at 3,589.43 up by 16 points.

Today, Nifty has support at 4,120 and resistance at 4,240 and BSE Sensex has support at 14,050 and resistance at 14,420.