New Page 1 Market may continue its northbound journey following the Fridays gains in US indices and firm Asian markets in current trades.
The market is likely to display a positive trend on the back of increasing investor confidence on economic outlook and positive global cues. Strong investor's appetite for heavyweights and sectoral stocks could see the market to extend its winning streak. However, caution should be maintained as higher bouts of intra-day volatility is likely to persist. Among the local indices, the Nifty could test higher levels in the 4500-4550 range and has a support at 4400. The Sensex on the downside may slip to 14475 and may face resistance at 14775.
Major US indices rose Firday for the second session in a row, with the Dow Jones flared up by 97 points at 8500, the Nasdaq moved up by 23 points to close at 1774.
Indian ADRs had a mixed outing on US bourses. VSNL, Rediff ,Tata Motors, Dr Reddy, and Patni Computers dropped around 1-10% each. While, Infosys gained 3.54% while Wipro, ICICI Bank, HDFC Bank and MTNL were up around 1-2% each.
The Nymex light crude oil for July delivery gained by $1.23 to close at $66.31 a barrel. In the commodity space, the Comex gold for August delivery jumped $17.10 to settle at $980.30 an ounce.
Daily trend of FII/MF investment in equities
On May 28 2009, FIIs were net buyers of stocks to the tune of Rs2129 crore (purchases worth Rs5871 crore and sales of Rs3742 crore) while domestic mutual funds were net sellers of stocks to the tune of Rs105 crore (purchases worth Rs1663 crore and sales of Rs1558 crore).
Stocks with positive bias :- united phos (SL 160), Tisco, IRB infra, Suzlon
Stocks with short term delivery :- Essar Oil
Stocks for investments:- Godrej Consumers,Man Inds, Jindal Saw.
