New Page 1 On the back of a strong intra-day volatility, the market may witness side-ways movement.
The market is likely to witness sideways movement on the back of a strong intra-day volatile move. Stocks across the sectors along with heavyweights may gyrate sharply. Overnight marginal weakness in the US indices and mixed Asian markets in mornings trades may further dampen the investors' sentiment. On the technical side, the Nifty has a stiff resistance at 4850-4902 levels and the downside strong support at 4750-4690, while the Sensex could test higher levels of 16200 and has a likely support at 16024.
US indices hits highest point in almost a year on Tuesday and the Dow and S&P 500 also climbed as commodity shares rallied, and General Electric was upgraded. As a result the Dow Jones gained 56 points to close at 9497 and the Nasdaq ended 19 points higher at 2038.
Indian floats trading on the US bourses had a firm outing on Tuesday, the gainers were, Tata Motors gaining sharply over 7% followed by ICICI Bank gained 6.61% while Infosys, Wipro, Satyam, Dr Reddy, HDFC Bank, Rediff and MTNL gained 2-3% each. However, Patni Computers slipped over 5% and VSNL dropped around a percent.
Crude oil prices in the US market edged higher, with the Nymex light crude oil for October delivery up by $3.08 to close at $71.10 per barrel. In the commodity segment, the Comex gold for December series gained by $3.10 to settle at $999.80 an ounce.
Daily trend of FII/MF investment in equities
On September 07, 2009, FIIs were net buyers of stocks to the tune of Rs1050 crore (purchases worth Rs2953 crore and sales of Rs1903 crore).
Stocks with positive bias:- Tisco, HDIL, and IFCI
Stocks with ve bias:- Aban
Stocks for investment :ADSL, United Phosperous, Philips Carbon, IDBI
