Pre Open Market commentary

Indian market is likely to have flat opening on the back weak global cues. On Thursday, the Indian markets closed in green territory, as BSE Sensex grew by 87.29 points to close at 14,499.24 while Nifty gained 18.75 points to close at 4,267. We expect the market to remain choppy during the trading session.

Thursday, the US markets closed higher. The Dow Jones Industrial Average (DJI) grew by 56.42 points to close at 13,545.84. The S&P 500 (SPX) index closed up by 9.35 points at 1,522.19 and NASDAQ Composite (RIXF) closed in positive at 2,616.96 surged by 17 points.

Indian ADRs closed mixed. In technology sector, Satyam advanced by (0.88%) along with Infosys and Wipro by (0.17%) and (0.13%) respectively while Patni computers declined by (0.44%). ICICI bank surged by (2.47%) while HDFC bank slipped by (0.26%). VSNL grew by (1.52%) whereas MTNL fell by (0.64%). In automobile sector, Tata Motors, slipped by (0.71%).

The major stock markets in Asia are trading weak. The Nikkei 225 is trading at 18,112.80 declined by 127.50 point. Hang Seng tumbled by 146.88 points to trade at 21,807.79. Strait Times index slipped by 24.19 points at 3,615.30. Taiwan weighted trading up by 12.63 points at 8,864.62.

Today, Nifty has support at 4,195 and resistance at 4,310 and BSE Sensex has support at 14,300 and resistance at 14,610.