Search Now

Recommendations

Tuesday, October 16, 2007

Pre Market Watch


Indian market is likely to have a positive opening as the Asian market is trading mixed. On Monday, the Indian markets closed on a strong positive note as the BSE Sensex closed with hand some gains of 639.63 points at 19,058.67 while Nifty jumped by 242.12 points to close at 5,670.40. We expect the market may consolidate its gains at higher levels.

Monday, the US markets closed in a negative territory. The Dow Jones Industrial Average (DJIA) dropped by 108.28 points to close at 13,984.80. The S&P 500 (SPX) index decreased by 13.09 points to close at 1,548.71 while the NASDAQ Composite (RIXF) fell 25.63 points to close at 2,780.05.

Indian ADRs ended in mixed territory. In technology sector, Patni computers fell (2.89%) along with Infosys by (2.46%), Wipro by (1.5%) while Satyam grew by (0.11%). In banking sector, HDFC bank and ICICI bank advanced by (2.36%) and (2.21%) respectively. In telecommunication sector, VSNL and MTNL dropped by (1.90%) and (1.07%) respectively.

The major stock markets in Asia are trading mixed. Hang Seng is trading higher by 159.89 points at 29,700.67 while Japan''s Nikkei slipped by 175.79 points to trade at 17,182.36. Singapore''s Straits Times index fell 16.41 points to trade at 3,845.61. Seoul Composite trading up by 2.85 points to trade at 2,038.24.

Yesterday, FIIs stood at the net buyer as the gross equity purchased was Rs.5,510.90 (in crores), and the gross debt purchased was Rs226.10 (in crores) as against the gross equity sold was Rs4,729.90 (in crores) and the gross debt sold was Rs0.00 (in crores). The net investment of equity was Rs781 (in crores) and the net debt investment was Rs226.10 (in crores).

Today, Nifty has support at 5,572 and resistance at 5,739 and BSE Sensex has support at 18,767 and resistance at 19,246.