The market is likely to remain volatile on the back of mix Asian indices in current trades and marginal slide in US indices.
After registering the gains of 200 points in the yesterdays trade, the market is likely to exhibit weak trends on the back of a strong intra-day volatile moves. The fall in US markets and mixed Asian indices in morning trades also likely to put pressure on the domestic indices. However, the FIIs have turned net buyers of equities in the last session may help the investors' sentiment remain positive. On the upside, the Nifty could test around the 2800 level and may witness support around the 2750 level. The Sensex has a likely support at 8800 and may test higher levels of 9095.
US indices fell marginally on Monday, as tech selling countered a bank share-led rally, with the Dow Jones sliding over 7 points to close at 7217 while the Nasdaq slipping by 27 points at 1404 amid weak tech stocks.
Indian ADRs had a mixed outing on US bourses. Satyam, Rediff ,Patni Computer, VSNL, HDFC Bank, Tata Motors and Infosys dropped around 1-5% each. While, ICICI Bank, MTNL, Dr Reddy, and Wipro were up around 1-7% each.
Crude oil prices in the global market moved up on Monday. The Nymex light crude oil for April series gained by $1.10 at $47.35 per barrel. In the commodity segment, the Comex gold for April delivery moved down by $8.10 to settle at $922 an ounce.
Daily trend of FII/MF investment in equities
On March 13 2007, FIIs were net buyers of stocks to the tune of Rs191 crore (purchases worth Rs2105 crore and sales of Rs1914 crore) while domestic mutual funds were net buyers of stocks to the tune of Rs625 crore (purchases worth Rs1096 crore and sales of Rs471 crore).
Stocks with Positive bias: Sterlite, M&M, Sail, and Praj inds
Stock for short-term delivery: Bharat Bijlee
Stocks with Negative bias: ACC (SL 572), BEL (SL 844)
Stocks for investments: RIL, Marico, and Bhel
