The market is likely to remain volatile on the back of firm Asian indices in current trades and Friday's slide in US indices.
After registering the gains of 210 points in the last week, the market is likely to exhibit weak trends on the back of a strong intra-day volatile moves. The meltdown US markets and firm Asian indices in morning trades also likely to put pressure on the domestic indices. On the upside, the Nifty could test around the 2850 level and may witness support around the 2750 level. The Sensex has a likely support at 8825 and may test higher levels of 9125.
US indices fell sharply on Friday, with the Dow Jones sliding over 122 points to close at 7278 while the Nasdaq slipping by 26 points at 1457.
Indian stocks trading on the US bourses fell sharply. MTNL lost 10.47% followed by Satyam declined 7.14%, ICICI Bank, Infosys, Wipro, Dr Reddy, HDFC Bank and Patni Computers were down over 2-6% each. However, Tata Motors, VSNL and Rediff closed with the gains of 1-5 each..
Crude oil prices in the global market moved down on Friday. The Nymex light crude oil for April series lost by 55 cents at $51.06 per barrel. In the commodity segment, the Comex gold for April delivery moved down by $2.60 to settle at $956.20 an ounce.
Daily trend of FIIs investment in equities
On March 19 2009, FIIs were net buyers of stocks to the tune of Rs157.70 crore (purchases worth Rs1,430 crore and sales of Rs1,272 crore).
Stocks with positive bias: Jindal Steel & Power, Punj, SBI
Stocks for Investment: Reliance Inds, BHEL
