The market may witness cautious trend as US indices ended on a firm note Friday and Asian indices are exhibiting Mix trends in morning trades.
Weakness in the Asian indices and US indices closing on a firm note in the last session could make the investors jittery from taking any fresh position. Although the bias remains positive, investors should maintain caution as profit-taking at higher levels may pull down the market. On the technical front, the Nifty is likely to witness range-bound trading with a support around 4260 and a resistance around the 4350 level, while the Sensex has a support at 14200 and may face resistance at 14450.
US indices gained on Friday closing with Dow Jones rose by 21 points to close at 11371, the Nasdaq ended 30 points up at 2311.
Indian floats trading on the US bourses had a mixed outing on Monday, the gainers were, MTNL gaining over 6% while Dr Reddy's, Infosys, Satyam, Wipro and Rediff gained marginally. However, ICICI Bank slipped over 2.52% and HDFC Bank, Rediff and Patni Computer dropped around 1% each.
Crude oil prices slipped in the last session. The Nymex light crude oil for September delivery fell by $2.23 to close at $123.26. In the commodity space, the Comex gold for Gold series advanced $3.70 to settle at $926.80 a troy ounce.
Today Results - Adani, Ansal HSG., BOCL, Bharati Shipyard, Britannia, Camlin, Cinemax, Dena Bank, Dewan HSG., Dish TV, EIH, Era Infra, Escorts, Genus Power, Glaxosmith, Glenmark, Graphite, HDFC BANK, Havells, HOEC, Hindalco, IOB, KS Oils, KEI, kotak, L&T, Mundra, Neyveli, Nirma, Nitin Fire, ONGC, REC LTD., SHIV VANI OIL, Sterlite Ind, Tata Tea, Wockhardt.
Daily trend of FII/MF investment in equities
On July 24, 2008, FIIs were net buyers of stocks to the tune of Rs556.30 crore (purchases worth Rs3,927.10 crore and sales of Rs3,370.80 crore).
