Pre Open Market Commentary

Indian market is likely to have a positive opening as the Asian Market is trading higher and US market closed in green. On Thursday, the Indian markets ended on a positive note, as BSE Sensex closed higher by 49.93 points at 14,985.70 while Nifty increased by 10.5 points to close at 4,356.35. We expect the market to remain range bound during the trading session.

Thursday, the US markets closed in green. The Dow Jones Industrial Average (DJI) increased by 100.96 points to close at 13,463.33. The S&P 500 (SPX) index closed higher by 6.39 points at 1,472.20 while the NASDAQ Composite (RIXF) grew by 22.11 points to close at 2,575.98.

Indian ADRs ended in mixed. In technology sector, Satyam computers grew by (1.20%) along with Wipro by (0.69%) and Infosys by (0.61%) respectively while Patni computers decreased by (3.85%). In banking sector, HDFC Bank increased by (0.94%) while ICICI bank decreased by (0.07%). VSNL and MTNL closed lower by (2.09%) and (0.98%) respectively.

The major stock markets in Asia are trading firm. Japan''s Nikkei trading higher by 24.56 points at 17,008.67.Hang Seng grew by 121.63 to trade at 22,564.88. Taiwan weighted was trading up by 107.66 points at 9,058.23.

Today, Nifty has support at 4,330 and resistance at 4,418 and BSE Sensex has support at 14,890 and resistance at 15,250.