Indian market is likely to have a negative opening on the back of negative global cues. On Wednesday, the Indian markets ended on a negative note, as BSE Sensex closed lower by 19.25 points at 15,446.15 while Nifty slipped by 3.4 points to close at 4,475.85. We expect the market to face profit booking during the trading session.
On Wednesday, the US market closed in red. The Dow Jones Industrial Average declined by 143.39 points to close at 13,305.47. The Nasdaq Composite Index slipped by 24.29 points to close at 2,605.95. The S&P 500 index decreased by 17.13 points to close at 1,472.29.
Indian ADRs ended in negative territory. In technology sector, Patni computers slipped by (4.71%) along with Wipro by (3.12%), Satyam (1.70%) and Infosys by (1.52%) respectively. In banking sector, HDFC bank and ICICI bank slipped by (2.41%) and (2.21%) respectively. VSNL and MTNL closed lower by (4.46%) and (0.85%) respectively.
The major stock markets in Asia are trading mixed. Japan''s Nikkei trading lower by 72.92 points to trade at 16,085.53. Hang Seng dipped by 189.09 points to trade at 23,880.08. Taiwan weighted advanced by 61.16 points to trade at 8,975.01. Singapore Strait times trading flat at 3,444.75.
Today, Nifty has support at 4,385 and resistance at 4,500 and BSE Sensex has support at 15,160 and resistance at 15,510.
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