New Page 1 The market is likely to remain volatile on account of unwinding of position on the last day of August series derivative contracts.
The market is likely to remain volatile ahead of derivatives expiry for August series and weak global markets may put pressure on domestic indices in early trades. However, presence of strong bullish sentiment may help the market to turn positive. The Nifty could test higher levels at 4732 and may dip around 4620, while the Sensex has a likely support at 15560 and may face resistance at 16033.
US indices ended marginal positive on Wednesday as investors welcomed positive reports on housing and durables goods, but remained on the sidelines after pushing the market to 2009 highs in the previous session. The DowJones end 4 points higher at 9544 and the Nasdaq remained unchanged and close at 2024. Among the Indian ADRs ended mixed on the US bourses.
The Nymex light crude oil for September delivery lost 62 cents at $71.43 a barrel. In the commodity segment, the Comex gold for December series tumbled by 20 cents to settle at $945.80 an ounce.
Daily trend of FII/MF investment in equities
On August 25 2009, FIIs were net sellers of stocks to the tune of Rs54 crore (purchases worth Rs2039 crore and sales of Rs2093 crore) while domestic mutual funds were net buyers of stocks to the tune of Rs423 crore (purchases worth Rs1044 crore and sales of Rs621 crore).
Stocks with Positive Bias: Tata Motors, RNRL (s/l 87), Voltas ( s/l 147)
Stocks with negative bias: SBI, Union Bank
Stocks for Investment: United Phosphorous, Philips Carbon, Bajaj Holding, ADSL
