Market may continue its northbound journey following the overnight gains in US indices and firm Asian markets in current trades.
The market is likely to display a positive trend on the back of increasing investor confidence on economic outlook and positive global cues. Strong investor's appetite for heavyweights and sectoral stocks could see the market to extend its winning streak. However, caution should be maintained, as higher bouts of intra-day volatility is likely to persist. Among the local indices, the Nifty could test higher levels in the 4550-4600 range and has a support at 4480. The Sensex on the downside may slip to 14900 and may face resistance at 15300.
Major US indices rose Friday with the Dow Jones flared up by 303 points at 11734, the Nasdaq moved up by 58 points to close at 2414.
Except VSNL all the Indian ADRs traded firm on the US bourses. ICICI Bank led the pack with gains of over 7.99% while, HDFC Bank, Dr Reddy's, Tata Motors, Infosys and Satyam closed with the gains of 1-5% each. Wipro and MTNL ended with steady gains.
The Nymex light crude oil for September delivery lost by $4.82 to close at $115.20 a barrel. In the commodity space, the Comex gold for December delivery lost $13.10 to settle at $864.80 an ounce.
Daily trend of FII/MF investment in equities
On August 07, 2008, FIIs were net sellers of stocks to the tune of Rs19 crore (purchases worth Rs2,379 crore and sales of Rs2,298.50 crore). while domestic mutual funds were net buyers of stocks to the tune of Rs287 crore.
