Pre Market Watch - March 11 2008

The Indian Market is likely to have a negative opening today as the cues from the global markets are not in favor. On Monday, the Indian market made a smart recovery during the trading session after a sharp fall at the initial session. The market opened a disappointing note backed by the unfavoring cues from the global markets and tumbled down due to heavy selling pressures. The market staged a strong recovery after the mid session as the buying intensified across the sectoral indices and kept on marching forward. From the sectoral front, the capital goods was the worst hit as most selling was witnessed from these baskets while metal and oil & gas posted a smart recovery as most buying was seen from these counters. The BSE Sensex closed lower by 51.80 points at 15,923.72 and NSE Nifty closed higher by 28.8 points at 4,800.40. We expect that the volatility will rule the market during the trading session.

On Monday, the US market closed in negative. The Dow Jones Industrial Average (DJIA) closed lower by 153.54 points at 11,740.15 along with S&P closed down by 20 points at 1,273.37 and NASDAQ fell by 43.15 points to close at 2,169.34.

Today the major stock markets in Asia are trading mixed. Hang Seng is trading lower by 317.45 points at 22,387.60 while Japan''s Nikkei trading up by 17.20 points at 12,549.33 and Taiwan Weighted trading at 8,321.30 up by 21.93 points.

Indian ADRs ended in negative. Wipro fell by (4.10%) along with Infosys by (3.09%) and Satyam by (3%). ICICI bank and HDFC bank dropped by (4.49%) and (1.92%) respectively. MTNL slipped by (1.12%).

The FIIs on Monday stood as net buyer in equity. The gross equity purchased was Rs5,447.60 Crore while the gross equity sold stood at Rs4,340.80 Crore. Therefore, the net investment of equity reported was Rs1106.90 Crore.

Today, Nifty has support at 4,706 and resistance at 4,857 and BSE Sensex has support at 15,628 and resistance at 16,389