Pre Open Market Commentary

Indian market is likely to have a positive opening as the Asian market is trading mixed and US market closed mixed. On Monday, the Indian markets ended flat, as BSE Sensex closed little higher by 6.41 points at 15,596.83 while Nifty slipped by 1.65 points to close at 4,507.85. We expect the market to remain range bound during the trading session.

On Monday, the US market closed in mixed. The Dow Jones Industrial Average grew by 14.47 points to close at 13,127.85. The Nasdaq Composite Index fell by 6.59 points to close at 2,559.11. The S&P 500 index decreased by 1.85 points to close at 1,451.70.

Indian ADRs ended in mixed. In technology sector, Patni computers grew by (1.94%) while Wipro slipped by (2.12%) along with Infosys and Satyam by (1.82%) and (1.23%) respectively. In banking sector, HDFC bank and ICICI bank advanced by (1.59%) and (0.68%) respectively. VSNL grew by (0.51%) while MTNL closed lower by (0.28%).

The major stock markets in Asia are trading mixed. Japan''s Nikkei trading higher by 39.43 points to trade at 15,804.40. Hang Seng grew by 42.80 points to trade at 24,042.50. Taiwan weighted advanced by 65.84 points to trade at 9,003.42. Singapore Strait times trading up by 36.27 points at 3,478.14.

Today, Nifty has support at 4,467 and resistance at 4,570 and BSE Sensex has support at 15,510 and resistance at 15,760.