Strong buying interest coupled with positive global cues could see the market extend its winning streak.
The positive global cues and firm opening in most of the Asian indices in ongoing trades coupled with strong buying interest in most of sectoral stocks may help the local market advance further. However, bouts of strong intra-day volatile moves and the FIIs remaining net sellers of equities may weigh on the sentiment. But, the fall in oil prices may release some pressure. Among the key indices, the Nifty can see an up- move till 4530-4425 levels and has a key support at 4425 levels in the near-term. The Sensex has a likely support at 14750 and may face resistance at 15200.
Major US indices finished with marginal gains on Wednesday with the Dow Jones gained by 30 points at 11632, the Nasdaq gained by 22 points to close at 2326.
Most of the Indian ADRs posted gains on the US bourses on Friday. ICICI Bank led the pack with the gains of 8.65%, while Rediff surged 8.13%. HDFC Bank, VSNL. Wipro, Infosys, Tata Motors, MTNL and Satyam gained over 1-3% each. However, Patni Compuetrs fell over 1.58% and Dr Reddy lost 0.07%.
Oil prices fell below $125 on Wednesday after a government report showed stronger-than-expected inventories and a Federal Reserve report showed a weakening economy. The Nymex light crude oil for August delivery slipped by $3.98 to close at $124.44 a barrel. In the commodity space, the Comex gold for August delivery tumbled $25.70 to settle at $922.80 an ounce.
Daily trend of FII/MF investment in equities
On July 22, 2008, FIIs were net sellers of stocks to the tune of Rs390.50 crore (purchases worth Rs2,264.40 crore and sales of Rs2,654.90 crore).
