New Page 1 On back of strong global cues markets are expected to open in green, however 4310 could act as resistance and support could be around 4200 levels
A positive opening in most of the Asian indices in ongoing trades and prevailing strong bullish sentiment may help the local market advance further. However, bouts of strong intra-day volatile moves may weigh on the sentiment. Among the key indices, the Nifty has a resistance at 4250 and has a key support at 4200 in the near-term. The Sensex has a likely support at 14100 and may face resistance at 14400.
Us indices ended a volatile session higher Thursday, finding momentum in a choppy session, as investors welcomed JPMorgan Chase's better-than-expected profit report and geared up reports from tech leaders after the close. While the Dow Jones gained over 96 points at 8712, the Nasdaq moved up by 22 points at 1885.
Indian floats trading on the US bourses fared better on Thursday, the gainers were, Satyam registering the highest gains over 5.40% while Wipro, Patni Computers, Infosys, MTNL, Tata Motors and Rediff gained around 1% each. VSNL, ICICI Bank, Dr Reddy and HDFC Bank however, dropped around 1%.
Crude oil prices moved up, while the Nymex light crude oil for August delivery rose by 48 cents to close at $62.02 a barrel. In the commodity segment, the Comex gold for August series moved down $4 to settle at $935.40 an ounce.
Daily trend of FII/MF investment in equities
On July 15 2009, FIIs were net buyers of stocks to the tune of Rs1031 crore (purchases worth Rs2888 crore and sales of Rs1857 crore) while domestic mutual funds were net buyers of stocks to the tune of Rs249 crore (purchases worth Rs932 crore and sales of Rs683 crore).
Stocks with +ve bias: Reliance Energy, United Spirits, India Cements
Stocks for investments: Balrampur chini, Emco ltd, Ultratech cement & Bajaj Holdings
Infaltion for the week ended Jul 4th came in at 1.21% v/s expectaton of 1.36 %.
