New Page 1 Strong gains in US markets and firm Asian indices in morning trades may help the sentiment remain bullish.
The market is likely to see further action on the back of a firm US markets and over 2% gains in majority of the Asian indices in the prevailing trades. Surging FII fund inflows coupled with firm economy outlook also may help the market advance further. Among the key local indices, the Nifty has a strong support between 3300-3250 range, while on the upside the index could test higher level in the 3380-3420 range. The Sensex has a likely support at 10650 and may face resistance at 10950.
US indices gained sharply on Friday with the Dow ended higher at 8083 up 246 points, while the tech-laden Nasdaq advanced to close 62 points upper at 1653.
Crude oil prices gained. The US light crude oil for May series advanced by $2.86 at $52.24 a barrel. In the commodity space, the Comex gold for June delivery declined by $2.60 to settle at $883.30 an ounce.
Daily trend of FII/MF investment in equities
On April 09 2009, FIIs were net buyers of stocks to the tune of Rs484 crore (purchases worth Rs3797 crore and sales of Rs3313 crore) while domestic mutual funds were net sellers of stocks to the tune of Rs223 crore (purchases worth Rs571 crore and sales of Rs793 crore).
Stocks with positive bias:- Reliance (SL 1700 CMP 1736), JSW Steel ( SL 355), Escorts ( Sl 42.5), DCB (SL 25), Walchandnagar ( SL 107).
Stocks for investments:- India cements, Marico, Reliance
