Indian market is likely to have positive opening on the back of strong global cues. On Friday, the Indian markets closed mixed, as BSE Sensex closed lower by 41.01 points at 14,162.71 while Nifty closed marginally up by 1.45 points at 4,171.45. We expect the market to be range bound during the day.
Friday, the US markets closed in green territory. The Dow Jones Industrial Average (DJI) grew by 85.76 points to close at 13,639.48. The S&P 500 (SPX) index closed marginally up by 10.13 points at 1,532.91 and NASDAQ Composite (RIXF) advanced by 27.30 points to close at 2,626.71.
Indian ADRs closed mixed. In technology sector, Wipro and Infosys grew by (0.56%) and (0.19%) respectively while Patni computers declined by (0.92%). HDFC bank and ICICI bank advanced by (1.74%) and (0.15%) respectively. MTNL up by (0.13%) while VSNL fell by (1.34%) respectively. In automobile sector, Tata Motors advanced by (0.81%). In health care sector, Dr Reddy''s lab declined by (2.48%).
The major stock markets in Asia are trading strong. The Nikkei 225 is trading at 18,148.72 gained by 177.23 points, Hang Seng surged by 322.97 points to trade at 21,340.02. Straits Times trading at 3,625.18 up by 44.02 points.
Today, Nifty has support at 4,130 and resistance at 4,260 and BSE Sensex has support at 14,020 and resistance at 14,330.
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