Pre Open Market Commentary

Indian market is likely to have a positive opening as the US market closed higher. On Friday, the Indian markets ended on a negative note, as BSE Sensex closed lower by 10.64 points at 15,603.80 while Nifty slipped by 10.95 points to close at 4,518. We expect the market to remain range bound during the trading session.

On Friday, the US market closed in green. The Dow Jones Industrial Average grew by 17.64 points to close at 13,442.52. The NASDAQ Composite Index increased by 1.12 points to close at 2,602.18. The S&P 500 index closed flat at 1,484.25

Indian ADRs ended in negative. In technology sector, Patni computers slipped by (2.07%) along with Satyam by (1.48%), Wipro by (1.01%) and Infosys by (0.88%). In banking sector, ICICI banks and HDFC bank advanced by (1.75%) and (1.39%) respectively. VSNL and MTNL fell by (2.58%) and (1.80%) respectively.

The major stock markets in Asia are trading mixed. Taiwan weighted trading lower by 103.87 points at 8,927.76. Singa pore Strait times slipped by 15.03 points to trade at 3,521.37. Hang Seng grew by 54.05 points to trade at 24,952.16. South Korea,s Seoul composite is trading down by 13.15 points at 1,856.87.

Today, Nifty has support at 4,480 and resistance at 4,580 and BSE Sensex has support at 15,490 and resistance at 15,790.