New Page 1 Market may see some buying on dips but overall it will be a choppy session just before the election results.
The market is likely to witness sideways movement on the back of a strong intra-day volatile move. Stocks across the sectors along with heavyweights may gyrate sharply. Overnight marginal gain in the US indices and firm Asian markets in mornings trades may help the investors' sentiment. On the technical side, the Nifty has a stiff resistance at 3650-3700 levels and the downside strong support at 3550-3500, while the Sensex could test higher levels of 12000 and has a likely support at 11700.
US indices rallied Thursday, bouncing back after several down sessions as investors weighed some weaker-than-expected reports with growing economic optimism. With the Dow Jones gaining 46 points to close at 8331 and the Nasdaq ended 25 points higher at 1689.
Most of the Indian ADRs traded firm on the US bourses. ICICI Bank led the pack with gains of 6.19% while Wipro, Infosys, Dr Reddy's Lab, Tata Motors, Patni Computers, HDFC Bank and MTNL gained around 2-4% each. However, VSNL and Rediff slipped around 1-2% each
Crude oil prices in the US market edged higher, with the Nymex light crude oil for June delivery up by 17 cent to close at $58.79 per barrel. In the commodity segment, the Comex gold for June series gained by $2.50 to settle at $928.40 an ounce.
Daily trend of FII/MF investment in equities
On May 13 2009, FIIs were net buyers of stocks to the tune of Rs4085 crore (purchases worth Rs6033 crore and sales of Rs1948 crore) while domestic mutual funds were net buyers of stocks to the tune of Rs393 crore (purchases worth Rs772 crore and sales of Rs379 crore).
