Pre Market Commentary - Nov 1 2010

In the last trading session, Nifty rebounded smartly on the back of better than expected earnings report by ICICI bank and BHEL and closed above 6,000 level. Now, immediate resistance for Nifty comes at 6,080 and moving and sustaining above will recheck 6,125 level while immediate bigger support comes at 5,980 and break below 5,980 levels could drag Nifty to 5,920-5,950 on the downside. Further, on derivative front, aggressive buying in OTM call and writing in OTM put is indicating an upward trend in market.



Indian market is likely to open gap up by tracking positive cues from global markets which rose on hopes that the Federal Reserve would act soon to boost US growth. Byuing could be witnessing in Auto and Pharma sector.On earnings front, Havells India, Lupin, Punj Lloyds and Century Textile will announce their quarterly numbers today.