Pre Market Watch - Jan 18 2008

The Indian Market is likely to have a negative opening due to weak global cues. Yesterday, The Indian market closed in red consecutively for the fourth straight trading session. The market opened on a firm note taking cues from the Asian markets but volatility ruled the market through out the trading session. The market gained the momentum towards the mid session but unable to sustain all its gains as the profit booking across the counters prevailed towards the final trading hours of the session.The BSE Sensex closed lower by 167.29 points at 19,700.82 and NSE Nifty fell by 22.55 points to close at 5,913.20. We expect that the market may remain cautious during the trading session.

On Thursday, the US market closed in red. The Dow Jones Industrial Average (DJIA) closed lower by 306.95 points at 12,159.21. S&P 500 index slipped by 39.95 points to close at 1,333.25 and NASDAQ dropped by 47.69 points to close at 2,346.90

Indian ADRS closed in red. In technology sector, Patni Computers fell by 4.21% along with Wipro by 0.32% while Satyam and Infosys grew by 0.09% and 0.05% respectively. In banking sector, ICICI bank and HDFC bank slipped by (5.36%) and (5.27%) respectively. MTNL and VSNL dropped by (4.93%) and (3.16%) respectively.

The major stock markets in Asia are trading weak. Hang Seng is trading lower by 826.33 points at 24,288.65 along with Japan''s Nikkei trading down by 387.67 points at 13,395.78 and Taiwan Weighted is trading at 7,979.74 down by 121.89 points.

On Thursday, the FIIs stood as net seller both in equity and debt. The gross equity purchased was Rs4,662.30 Crore and the gross debt purchased was Rs81.80 Crore while the gross equity sold stood at Rs6,941.90 Crore and gross debt sold stood at Rs182.50 Crore. Therefore, the net investment of equity reported was (Rs2,279.60 Crore) and net debt was (Rs100.80 Crore).

Today, Nifty has support at 5,771 and resistance at 5,967 and BSE Sensex has support at 19,169 and resistance at 19,936.