Pre Market Watch

The Market is likely to have positive opening as the global cues are in favor. The market closed with moderate losses on Friday as the investors avoid taking fresh positions ahead of the US Federal Reserve meeting that is to be held on Tuesday. The market opened marginally higher but pared all its gains as the profit booking prevails. On Monday, the BSE Sensex closed lower by 35.32 points at 19,930.68 and NSE Nifty fell 13.3 points to closed at 5,960.60. We expect the market to remain choppy and would look for cues to take a direction during the trading session.

On Monday, the US market closed in positive territory. The DJIA closed higher by 101.45 points at 13,727.03. The S&P 500 index grew by 11.30 points to close at 1,515.96 and NASDAQ closed up by 12.79 points to close at 2,718.95.

Indian ADRs ended in mixed. In technology sector, Patni computers grew by 3.45% along with Wipro by 3.17%,Infosys by 1.79% and Satyam by 0.89%. In banking sector, ICICI bank advanced by (0.93%). In telecommunication sector, MTNL and VSNL dropped by (1.19%) and (0.39%) respectively. Sterlite industries fell by (1.26%).

The major stock markets in Asia are trading firm. Hang Seng is trading higher by 327.55 points at 28,828.65. Japan''s Nikkei is trading up by 113.62 points at 16,038.01. Taiwan Weighted is trading at 8,619.31 up by 21.28 points. Seoul Composite is trading up by 8.98 points at 1,915.40. Singapore Strait Times inched up by 13.11 points at 3,566.19.

The FIIs stood as the net buyer on Monday both in equity as well as in Debt. The gross equity purchased was Rs4,752.30 Crore and the gross debt purchased was Rs987.50 Crore while the gross equity sold stood at Rs4,747.10 Crore and gross debt sold stood at Rs497.50 Crore. Therefore, the net investment of equity reported was Rs5.20 Crore and net debt was Rs490 Crore.

Today, Nifty has support at 5,908 and resistance at 6,039 and BSE Sensex has support at 19,773 and resistance at 20,278.