Pre Market Watch

The Market is likely to have positive opening, as the US market closed mixed. The market yesterday closed lower as it tumbled towards the end of the trading session on the back of profit booking by the investors across the counters. Though the market opened on a strong note to touch its all time high but all of a sudden lost the grip to pare all its initial gains on the back of heavy selling pressure. On Thursday, the BSE Sensex closed lower by 271.48 points at 20,104.39 and NSE Nifty fell by 101.2 points to close at 6,058.10. We expect the market to remain range bound during the trading session.

On Thursday, the US market closed mixed. The DJIA closed higher by 44.06 points at 13,517.96 along with S&P 500 index grew marginally by 1.82 points to close at 1,488.41 while NASDAQ slipped by 2.65 points to close at 2,668.49.

Indian ADRs ended in mixed territory. In technology sector, Infosys dropped 2.43% along with Satyam (0.26%) while Wipro and Patni Computers dropped by (0.73%) and (0.29%) respectively. In banking sector, HDFC bank and ICICI bank slipped by (2.98%) and (1.59%) respectively. In telecommunication sector, VSNL grew by 1.68% while MTNL decreased by (1.85%). Sterlite industries fell (2.80%).

The major stock markets in Asia are trading weak. Hang Seng is trading lower by 51.82 points at 27,692.63. Taiwan weighted is trading down by 65.41 points at 8,122.54 Singapore Strait Times is down by 10.46 points to trade at 3,468.85. While Japan''s Nikkei is trading up by 96.20 points at 15,632.72.

Today, Nifty has support at 5,946 and resistance at 6,143 and BSE Sensex has support at 19,829 and resistance at 20,319.