Indian market is likely to have a negative opening on the back of negative global cues. On Tuesday, the Indian markets ended on a negative note, as BSE Sensex closed lower by 16.30 points at 15,000.91 while Nifty slipped by 3.45 points to close at 4,370.20. We expect the market to remain cautious during the trading session, as bear will rule the market today.
Wednesday, the US markets closed in red The Dow Jones Industrial Average (DJI) decreased by 167.45 points to close at 12,861.47. The S&P 500 (SPX) index closed lower by 19.84 points at 1,406.70 while the NASDAQ Composite (RIXF) slipped by 40.29 points to close at 2,458.83.
Indian ADRs ended in negative territory. In technology sector, Satyam declined by (4.36%) along with Infosys by (3.05%), Wipro by (1.60%) and Patni computers by (1.24%). In banking sector, ICICI bank and HDFC bank decreased by (6.10%) and (3.97%) respectively. VSNL closed lower by (5.41%). Tata Motors fell by 2.60%.
The major stock markets in Asia are trading weak. Japan''s Nikkei trading lower by 428.15 points at 16,047.46. Hang Seng slipped by 640.40 points to trade at 20,735.32. Singapore Straits times decreased by 129.66 points to trade at 3,143.59. Taiwan weighted fell by 308.75 points to trade at 8,284.29.
Today, Nifty has support at 4,195 and resistance at 4,371 and BSE Sensex has support at 14,425 and resistance at 15,001.
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