Markets open on a flat note

The markets have opened on a flat note tracking subdued Asian cues. The Sensex has opened higher by 60 points at 16,353 and the Nifty is up 16 points at 4,945 levels.
Technical analysts believe that on the downside, the Nifty is likely to find considerable support around 4,835. Whereas, on the upside, if Nifty sustains above 4,940 we could see significant short-covering, with upside potential up to 5,100. The weekly trend has turned neutral, as the 20-WMA has moved above 50-WMA, but the current price is below both the moving averages. Today, the Nifty is likely to seek support around 4,885-4,900, while face resistance around 4,955-4,975.
The Asian markets are trading on a subdued note. The Hang Seng is up 55 points at 20,019, Shanghai has advanced 4 points to 2,399 and the Nikkei is trading flat at 8,952 levels.
Back home, Bajaj Auto, Sterlite Industries, State Bank of India, DLF, ICICI Bank, Tata Steel,Coal India, Gail India and Infosys are trading higher in the opening deals. While, Tata Power, ONGC, Sun Pharma, HDFC Bank, Cipla and ITC are trading lower by 0.4-1.7% each.
On the sectoral front, the BSE metal index is the top gainer, up nearly 1% or 78 points at 10,185 levels. Auto, realty, IT, capital goods and PSU stocks are also witnessing some amount of buying. At the same time, FMCG stocks are witnessing a wee bit of selling pressure.
From the metals pack, Sterlite Industries, Coal India, Sesa Goa, Jindal Steel and Bhushan Steel are among the top gainers, up 1-2% each.
The broader markets have opened on a listless note. The BSE mid-cap index is up 13 points at 5,962 and the small-cap index has advanced 10 points to 6,408.
The ovcerall breadth is positive as 626 stocks are advancing while 390 are declining.