Pre Open Market Commentary

Indian market is likely to have a positive opening as the Asian market is trading firm and US market closed in mixed. On Friday, the Indian markets ended on a negative note, as BSE Sensex closed lower by 231.90 points at 14,868.25, while Nifty declined by 69.85 points to close at 4,333.35. We expect the market to remain range bound during the trading session.

Friday, the US markets closed mixed. The Dow Jones Industrial Average (DJI) increased marginally by 8.61 points to close at 13,279.29. The S&P 500 (SPX) index closed little higher by 5.08 points at 1,458.17 while the NASDAQ Composite (RIXF) slipped by 6.15 points to close at 2,550.34.

Indian ADRs ended in mixed. In technology sector, Patni computers grew by (0.72%) while Wipro, Satyam and Infosys slipped by (2.28%), (2.15%) and (0.61%) respectively. In banking sector, ICICI bank and HDFC bank increased by (1.90%) and (1.44%) respectively. MTNL and VSNL closed lower by (1.14%) and (0.33%) respectively.

The major stock markets in Asia are trading firm. Japan''s Nikkei trading higher by 80.50 points at 16,844.59. Hang Seng grew by 120.07 points to trade at 21,912.78. Taiwan weighted trading higher by 24.08 points at 8,955.39.

Today, Nifty has support at 4,298 and resistance at 4,390 and BSE Sensex has support at 14,750 and resistance at 15,100.