New Page 1 Positive opening following global cues with high volatility throughout the day with resistance around 3720 levels and support near 3600 levels.
After losing 170 points in the last session the market is likely to head northwards on firm Asian indices, which are up around 1-2% in morning trades. However, FIIs remaining net buyers in equities for last couple of sessions may bring some cheers to the market. Among the domestic indices, the Nifty could test higher levels of 3650 and may dip to 3600 on the downside. The Sensex has a likely support at 11800 and may face resistance at 12100.
Major US indices rose Wednesday, with financial issues leading the way, after reports about the government's "stress tests" suggested that the major banks are better capitalized than some had thought. While the Dow Jones flared up by 102 points at 8512, the Nasdaq moved up by five points to close at 1759.
Among the Indian ADRs trading on the US bourses, 8 out of 11 floats ended on a negative turf. Patni Computer led the downward move and lost 10.41% while VSNL, Rediff, Infosys, Wipro, Tata Motors, ICICI Bank and HDFC Bank lost over 0.64-5% each. while only Satyam gained 9.55% followed by MTNL gained 2.50%.
Crude oil prices gained, with the Nymex light crude oil for June delivery raised by 35 cents to close at $56.69 a barrel. In the commodity space, the Comex gold for June delivery advanced $6.70 to settle at $911 an ounce.
Daily trend of FII/MF investment in equities
On May 05, 2009, FIIs were net buyers of stocks to the tune of Rs695 crore (purchases worth Rs2,969 crore and sales of Rs2,274 crore),while domestic mutual funds were net sellers of stocks to the tune of Rs37 crore (purchases worth Rs544 crore and sales of Rs581 crore).
Results today: JSW Steel, Union Bank, JP Hydro, Birla Corp, Tata Metaliks, Tamilnadu Petroproducts
Stocks with Positive bias: Mercator lines, Reliance Comm, HCC, & Chambal Fert
Stocks with Negative Bias :
Stocks for short term delivery: Tata Chem
Stocks for investments: Bharti, BEL, Lupin
