Indian market is likely to have a flat opening as Asian market is trading weak and closing of US market in mixed. On Thursday, the Indian markets ended on a negative note as BSE Sensex closed at 14,861.89 down by 18.35 points while Nifty slipped by 5.35 points to close at 4,353.95. We expect the market to remain range bound during the trading session.
Thursday, the US markets closed in mixed. The Dow Jones Industrial Average (DJI) closed lower by 11.46 points at 13,565.84. The S&P 500 (SPX) index closed flat at 1,525.40 while the NASDAQ Composite (RIXF) grew marginally by 11.70 points to close at 2,656.65.
Indian ADRs ended in mixed. In technology sector, Patni computers declined by (2.73%) along with Infosys, Wipro and Satyam by (1.82%), (1.54%) and (0.40%) respectively. In banking sector, ICICI Bank and HDFC bank grew by (1.75%) and (0.38%) respectively. MTNL increased by (2.15%) while VSNL decreased by (1.59%). In automobile sector, Tata Motors jumped by (1.47%).
The major stock markets in Asia are trading weak. The Nikkei 225 is trading at 18,107.50 decreased by 113.98 points, Hang Seng fell by 131.19 points to trade at 22,121.80. Straits Times trading lower by 5.51 points at 3,546.17.
Today, Nifty has support at 4,305 and resistance at 4,395 and BSE Sensex has support at 14,750 and resistance at 14,970.
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