Pre Open Market Commentary

Indian market is likely to have a positive opening on the back of strong positive global cues. On Friday, the Indian markets ended on a positive note, as BSE Sensex closed higher by 260.89 points at 14,424.87 while Nifty grew by 75.2 points to close at 4,190.15. We expect the market to remain optimism during the trading session.

Friday, the US markets closed in green The Dow Jones Industrial Average (DJIA) grew by 142.99 points to close at 13,378.87. The S&P 500 (SPX) index increased by 16.87 points to close at 1,479.37 and the NASDAQ Composite (RIXF) advanced by 34.99 points to close at 2,576.69.

Indian ADRs ended in positive. In technology sector, Patni Computers grew by (2.64%) along with Infosys by (2.24%), Satyam by (1.45%) and Wipro by (1.41%). In banking sector, HDFC bank and ICICI bank increased by (4%) and (2.54%) respectively. MTNL and VSNL closed higher by (3.56%) and (2.33%) respectively. Tata Motors grew by (5.72%).

The major stock markets in Asia are trading strong. Japan''s Nikkei trading higher by 172.92 points at 16,421.89. Hang Seng grew by 399.83 points to trade at 23,321.72. Taiwan weighted increased by 99.75 points to trade at 8,789.84. Singapore Strait times advanced by 43.60 to trade at 3,413.05

Today, Nifty has support at 4,155 and resistance at 4,285 and BSE Sensex has support at 14,330 and resistance at 14,720.

Source : www.indian-commodity.com