According to Networth Stock Broking Market Review report, the Markets are expected to open positive and remain rangebound following its global peers. The Sensex faces resistance at 15,330-15668 and Support at 14794-14594.Nifty faces resistance at 4684-4793 and support at 4499-4425.  

Networth Stock Broking Market Review report:

Market Review:

The markets opened on a strong note on Wednesday, following the rate cuts announced by the US Fed. However, the indices slipped into red on account of profit booking at every level. Select software and auto heavyweights found favour. Sensex closed at 14,995 up 161 points or 1.09%, while the NSE Nifty closed at 4,574 up 41 points or 0.9% during the last trading day of the holiday-shortened week. BSE Mid cap and Small Cap indices gave a negative close down over 1%. IT was the major gainer up 2.14% followed by Tech, Auto and Capital Goods. However Realty was the biggest loser down over 2%. As per the data by NSE, FIIs and DIIs were net buyers to the tune of Rs.30.54crore and Rs.142.19crore respectively.

US markets rallied on Thursday on the news of bailout of Bear Sterns and strength in dollar against other commodities. Dow Jones ended higher at 12,361 up 2.2% or 262 points while Nasdaq ended positive at 2258 up 48 points.

Asian Markets started off on a positive note following global markets. Among the major gainers, Taiwan is trading up at 3.78%, Nikkei is up by 0.55% and Kospi is up by 0.52%.

Crude oil fell on concern over the economic slowdown in the US as it will lead to reduction in demand. The strength in US dollar also prompted investors to sell other commodities. Crude oil for May delivery declined $1.24 to $100.60 a barrel.

Rupee is trading strong at 40.38 a dollar against its previous close of 40.46 a dollar.

The Markets are expected to open positive and remain rangebound following its global peers. The Sensex faces resistance at 15,330-15668 and Support at 14794-14594.Nifty faces resistance at 4684-4793 and support at 4499-4425.  

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