Pre Market Watch

Indian market is likely to have a positive opening as the global cues are in favor. On the domestic front, the formal clearance by the Left party to hold negotiations with International Atomic Energy Agency over the INDO-US nuclear deal. On Friday, the Indian markets ended on a negative note as BSE Sensex fell by 86.53 points to close at 19,698.36 while Nifty dropped by 5.25 points to close at 5,906.85. We expect the market to trade higher during the trading session.

On Friday, the US market closed in positive territory. The Dow Jones Industrial Average (DJIA) grew by 65.52 points to close at 13,175.57. The S&P 500 (SPX) index increased by 7.59 points to close at 1,458.74 and the NASDAQ Composite (RIXF) inched up by 18.73 points to close at 2,637.24.

Indian ADRs ended in green. In technology sector, Satyam grew by 2.91% along with Wipro by 2.78% and Infosys by 2.21%. In banking sector, HDFC bank and ICICI bank grew by (3.46%) and (2.18%) respectively. VSNL and MTNL advanced by (8.13%) and (6.98%) respectively.

The major stock markets in Asia are trading strong. Japan''s Nikkei is trading higher by 43.21 points at 15,197.82. Hang Seng index is trading up by 117.39 points at 27,731.82. Taiwan weighted grew by 25.83 points to trade at 8,790.65. Seoul Composite is trading flat at 1,925.39.

Yesterday, the FIIS stood as the net buyer as the gross equity purchased was Rs.4,464.30 (in crores) and the gross debt purchased was Rs0.00 (in crores). The gross equity sold was Rs3,675.90 (in crores), and the gross debt sold was Rs0.00 (in crores). The net investment of equity was Rs788.40 (in crores) and the net debt investment was Rs0.00 (in crores).

Today, Nifty has support at 5,861 and resistance at 6,011 and BSE Sensex has support at 19,603 and resistance at 19,997.