Dow's strong close on Wednesday and firm Asian markets in current trades likely to generate optimism in the opening trades.
After witnessing the surge on Wednesday the market is expected to make further headways on firm Asian markets, which are up over 1% in current trades. With no clear direction to proceed, the market is witnessing the brief periods of optimism and threats. The market may see some short-term profit bookings in frontline stocks creating a volatility in the afternoon trades. Among the
domestic indices, the Nifty could test higher levels of 2850 and may dip to 2750 on the downside. The Sensex has a likely support
at 8825 and may face resistance at 9125.
Major US indices registered significant gains on Wednesday, posting gains for their sixth of seven sessions, after the Federal Reserve said it would buy up to $300 billion in long-term government bonds. While the Dow Jones flared up by 91 points at 7487, the Nasdaq moved up by 29 points to close at 1491.
All the Indian ADRs traded firm on the US bourses. ICICI Bank led the pack with gains of over 6% followed by Satyam and Wipro
gaining over 5%, while Infosys, Patni Computers, Rediff, VSNL, HDFC Bank, Tata Motors, MTNL and Dr Reddy's Lab jumped over 0.56-4% each.
Crude oil prices lost on Wednesday, with the Nymex light crude oil for April delivery moved down $1.02 to close at $48.14 a barrel. In the commodity space, the Comex gold for April delivery lost $27.70 to settle at $889.10 an ounce.
Daily trend of FIIs investment in equities
On March 17 2009, FIIs were net buyers of stocks to the tune of Rs444 crore (purchases worth Rs1574 crore and sales of Rs1,130 crore).
Stocks with +ve bias: Cairn India, JP associates, Renuka Sugars & Reliance
Stocks with -ve bias: HPCL, BEL
Stocks for Short Term delivery: Thermax
Stocks for Investments: Marico, Bhel & Reliance
