Pre Market Watch

The Market is likely to have positive opening as the Asian market is trading mixed. The market closed higher on Friday after tumbling at the mid session. The market opened with hand some gains but pared pared most of its gains at higher levels after the mid session but buying at the lower levels towards the end of the session led the market to closed higher. On Friday, the BSE Sensex closed higher by 170.13 points at 19,966 and NSE Nifty closed up by 19.6 points at 5,974.30. We expect that the market to see remain range bound during the trading session.

On Friday, the US market closed in mixed territory. The DJIA closed with marginal gains of 5.69 points at 13,625.58. The S&P 500 index fell 2.68 points to close at 1,504.66 and NASDAQ slipped by 2.87 points to close at 2,706.16.

Indian ADRs ended in mixed territory. In technology sector, Infosys grew by (3.23%) along with Satyam by (1.15%), Patni computers by (0.85%) and Wipro by (0.46%). In banking sector, ICICI bank advanced by (1.16%) while HDFC bank slipped by (2.17%). In telecommunication sector, MTNL and VSNL fell (7.50%) and (1.93%) respectively.

The major stock markets in Asia are trading mixed. Hang Seng is trading lower by 716.45 points at 28,842.47 while Japan''s Nikkei is trading higher by 82.29 points at 15,956.37. Taiwan Weighted is trading up by 27.97 points at 8,722.38. Seoul Composite is trading at 1,934.32 down by 18.85 points. Singapore Strait Times advanced by 5.40 points to trade at 3,557.95.

The FIIs stood as the net buyer on Friday both in equity and Debt. The gross equity purchased was Rs4, 943.20 Crore and the gross debt purchased was Rs1,187.60 Crore while the gross equity sold stood at Rs4,120.80 Crore and gross debt sold stood at Rs59.60 Crore. Therefore, the net investment of equity reported was Rs822.40 Crore and net debt was Rs1,128 Crore.

Today, Nifty has support at 5,887 and resistance at 6,039 and BSE Sensex has support at 19,627 and resistance at 20,193.