Indian market is likely to have flat opening on the back of weak global cues. On Wednesday, the Indian markets closed in green territory, as BSE Sensex grew by 116.45 points to close at 14,411.95 while Nifty gained 34.35 points to close at 4,248.65. We expect the market to trade in back foot.
Wednesday, the US markets closed in red. The Dow Jones Industrial Average (DJI) declined by 146 points to close at 13,489.42. The S&P 500 (SPX) index closed lower by 20.86 points at 1,512.84 and NASDAQ Composite (RIXF) closed in negative at 2,599.96 slipped by 26.80 points.
Indian ADRs closed mixed. In technology sector, Patni computers, Satyam, Wipro and Infosys declined by (2.54%), (1.18%), (1%) and (0.67%) respectively. ICICI bank slipped by (2.92%) while HDFC bank advanced by (0.37%). VSNL and MTNL grew by (1.10%) and (1.95%) respectively.
The major stock markets in Asia are trading flat with positive bias. The Nikkei 225 is trading at 18,237.25 advanced by 25.57 point. Hang Seng gained 95.09 points to trade at 21,779.76. Taiwan weighted trading up by 56.50 points at 8,812.38.
Today, Nifty has support at 4,180 and resistance at 4,290 and BSE Sensex has support at 14,190 and resistance at 14,550.
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