After registering consecutive two days highs the market is likely to add gains further following the firm global cues.
Overnight gains in the US markets and positive opening in the most of the Asian indices may help the local market to add gains. However, bouts of high volatile moves and concerns of selling from FIIs could dampen the spirit of the market. Among the key indices, the Nifty has a strong resistance at 2760 and has a key support at 2680 levels in the near-term. The Sensex has a likely support at 8650 and may face resistance at 8900.
US indices posted gains for the third straight session on Friday, with the Dow Jones added 54 points at 7224, the Nasdaq was up 5 points at 1432.
Indian floats, barring few, gained marginally on US bourses. VSNL was the best performer and surged 8.90% while Dr Reddy's gained 5.97%. Wirpo, Tata Motors, HDFC Bank , Rediff and ICICI Bank were up around 0.50-3% each. However, MTNL, Patni Computers, Satyam and Infosys slipped around 0.30-5% each.
Global crude oil prices moved below $47 mark, with the Nymex light crude oil for April delivery lost by 78 cents to close at $46.25 a barrel. In the commodity space, the Comex gold for April series advanced by $6.10 to settle at $930.10 a troy ounce.
Daily trend of FII/MF investment in equities
On March 12 2007, FIIs were net sellers of stocks to the tune of Rs99 crore (purchases worth Rs1,897 crore and sales of Rs1,996 crore) while domestic mutual funds were net buyers of stocks to the tune of Rs153 crore (purchases worth Rs493 crore and sales of Rs340 crore).
Stocks with Positive bias: JP Associates (SL 69.5), Century Tex (SL 184), Infosys (SL 1260)
Stocks with Negative bias: NTPC (SL 174)
Stocks for investments: RIL, Bhel, BEL.
