Pre Open Market Commentary

Indian market is likely to have positive opening as Asian market is trading higher and US market closed in positive. On Tuesday, the Indian markets closed in green zone, as BSE Sensex surged by 215.36 points to close at 14,295.50 while Nifty gained by 67.2 points to close at 4,214.30. We expect the market to remain range bound during the day. Tuesday, the US markets closed in positive territory. The Dow Jones Industrial Average (DJI) grew by 22.44 points to close at 13,635.42. The S&P 500 (SPX) index closed marginally up by 2.65 points to close at 1,533.70 and NASDAQ Composite (RIXF) closed flat at 2,626.76. Indian ADRs closed mixed. In technology sector, Wipro and Patni computers grew by (1.46%) and (0.31%) respectively while Satyam and Infosys declined by (1.09%) and (0.67%) respectively. ICICI bank and HDFC bank advanced by (5.39%) and (1.92%) respectively. VSNL and MTNL grew by (3.87%) and (1.32%) respectively. In automobile sector, Tata Motors inched up by (2.16%). The major stock markets in Asia are trading higher. The Nikkei 225 is trading at 18,245.29 advanced by 81.68 point. Hang Seng surged by 108.84 points to trade at 21,691.73. Taiwan weighted trading up by 98.22 points at 8,671.86. Today, Nifty has support at 4,170 and resistance at 4,278 and BSE Sensex has support at 14,145 and resistance at 14,480.