New Page 1 A crucial resistance to watch out will be 3720 which will a major barrier and support is near 3600 levels.
The market is monitoring the international markets for further direction and the weakness across the global markets may drag down the local indices. The market may open in negative territory following the slump in Asian markets in morning trades. However, after posting significant gains in last sessions, buying interest may continue on the back of firm trend coupled with the continues buying of domestic equities by the FIIs. Among the key local indices, the Nifty has good support around 3650-3600 levels and upside till 3720-3750 levels. The Sensex has a likely support at 11950 and may face resistance at 12250.
US indices slipped on Thursday as investors braced for the results of the stress tests of the nation's banks and backpedaled after a two-month rally that boosted the S&P 500 by 36%. The Dow ended lower at 8410 down 102 points, while the tech-laden Nasdaq declined to close 43 points lower at 1716.
Indian floats, also, bucked the weak US market trend and ended lower. Rediff and ICICI Bank lost over 4-7% each, while Infosys, Wipro, Wipro, Tata Motors, MTNL and VSNL lost around 1% each. Dr Reddy's, HDFC Bank and Patni Computer, however, was the gainers amongst the ADRs and gained by 3.18%, 4% & 5.12% respectively.
Crude oil prices in the international market edged higher, with the Nymex light crude oil for June delivery rose by 54 cents to close at $57.25 per barrel. In the commodity space, the Comex gold for June series gained $4.50 to settle at $915.50 a troy ounce.
Daily trend of FIIs investment in equities
On May 06, 2009, FIIs were net buyers of stocks to the tune of Rs688 crore (purchases worth Rs2,857 crore and sales of Rs2,169 crore).
Results today: Andhra Bank, UCO Bank, GE Shipping, Peninsula Land, Landmark Property, Alembic, Novartis, Infomedia India, MM Forgings
Singapore Nifty ( SGX ) is at (9.00 A.M) trades at : - 12 pts
Stocks with +ve Bias: +ve - Tisco (SL 289), Andhra Bank (SL 60)
Stocks for Investment: Godrej Consumers,L&T, HDFC ltd.
