On the back of a strong intra-day volatility, the market may witness side-ways movement.
The market is likely to witness sideways movement on the back of a strong intra-day volatile moves. Stocks across sectors along with heavyweights may gyrate sharply. Overnight weakness in the US indices and mixed Asian markets in mornings trades may further dampen the investors' sentiment. On the technical side, the Nifty has a stiff resistance at 4300 and the downside cap at 4370, while the Sensex could test higher levels of 14600 and has a likely support at 14300.
US indices ended flat on Tuesday with the Dow Jones gained 27 points to close at 11413, the Nasdaq fell four points at 2362.
Most of the Indian ADRs gains on the US bourses. HDFC Bank and Tata Motors gains over 3% each while ICICI Bank, Patni Computer, Wipro, Infosys and VSNL were up 1-2% each. However, Rediff shed over 1% while Dr Reddy's and MTNL lost marginally.
Crude oil prices in the US market gained on Tuesday, with the Nymex light crude oil for September delivery raising by $1.16 to close at $116.27 a barrel and in the commodity space, the Comex gold for December series gained $2.40 cents to settle at $828.10 a troy ounce.
Daily trend of FIIs investment in equities
On August 22, 2008, FIIs were net Buyers of stocks to the tune of Rs94 crore (purchases worth Rs1303 crore and sales of Rs1209 crore) and while domestic mutual funds were net buyers of stocks to the tune of Rs14 crore.
