New Page 1 Positive opening following global cues with high volatility throughout the day with resistance around 4550 levels and support near 4450 levels.
After gaining 450 points in the last session the market is likely to head northwards on firm Asian indices, which are up around 1% 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 4550 and may dip to 4450 on the downside. The Sensex has a likely support at 15050 and may face resistance at 15350.
Major US indices rose Monday, with the Dow adding more than 100 points and the S&P closing at an 8-month high, as investors signaled optimism about second-quarter financial reports. While the Dow Jones flared up by 104 points at 8848, the Nasdaq moved up by 23 points to close at 1909.
Among the Indian ADRs trading on the US bourses, 1 out of 11 floats ended on a negative turf. ICICI Bank led the upward move and gained 9.19% while Infosys, Satyam, Wipro, HDFC Bank, Rediff and Patni Computer gained over 4-6% each. While only Tata Motors, Dr Reddy and VSNL gained 1-3% each. MTNL however closed in negative territory with marginal loss.
Crude oil prices gained, with the Nymex light crude oil for August delivery raised by 42 cents to close at $63.98 a barrel. In the commodity space, the Comex gold for June delivery advanced $11.30 to settle at $948.80 an ounce.
Daily trend of FII/MF investment in equities
On July 17 2009, FIIs were net buyers of stocks to the tune of Rs260 crore (purchases worth Rs2846 crore and sales of Rs2586 crore) while domestic mutual funds were net buyers of stocks to the tune of Rs742 crore (purchases worth Rs1452 crore and sales of Rs710 crore).
Importnat Results ==> UltraTech, LIC Housing, YES Bank, Dr. Reddy's,Esab India , Shree Renuka , Thermax
Stocks with +ve Bias: DLF (SL 342), TCS (SL 488) & BEL
Short term delivery: Tech Mah Buy near 787 s/l 765 Target - 862-63
Stocks with -ve Bias: Tisco (SL 396)
Stocks for Investment: IDBI Bank, EMCO Ltd, Ultratech Cement & Bajaj Holdings
