New Page 1 The market is likely to see further action on the back of firm US markets and the gains in the Asian indices in the prevailing trades.
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 4550 and has a key support at 4620 in the near-term. The Sensex has a likely support at 15042 and may face resistance at 15308.
Us indices ended on higher note on Friday with the Dow, Nasdaq and S&P 500 all ending at fresh 2009 highs, after Fed chief Ben Bernanke said the economy is near a recovery and existing home sales posted their biggest jump in two years. While the Dow Jones gained over 156 points at 9506, the Nasdaq moved up by 32 points at 2021.
Indian floats trading on the US bourses fared better on Friday, the gainers were, Rediff registering the highest gains over 7.58% while Infosys, Wipro, Dr Reddy's, ICICI Bank, VSNL, MTNL, Patni Computer, Tata Motors and HDFC Bank gained around 1-3% each. Satyam however, dropped around half a %.
Crude oil prices moved up, while the Nymex light crude oil for September delivery rose by 12 cents to close at $72.54 a barrel. In the commodity segment, the Comex gold for December series flared up $13 to settle at $954.70 an ounce.
Daily trend of FII/MF investment in equities
On August 20 2009, FIIs were net sellers of stocks to the tune of Rs301 crore (purchases worth Rs1778 crore and sales of Rs2079 crore) while domestic mutual funds were net buyers of stocks to the tune of Rs337 crore (purchases worth Rs897 crore and sales of Rs560 crore).
Stocks with positive bias:- GSPL, Voltas, IDBI, India cements
Stocks for short term del : GMDC, Tata Comm
Stocks for investment :Phillips carbon , Apollo tyres, Bal chini ,ADSL, Orient Papers
