Market may slip in early trades

A look at how the indices fared at their closes: Sensex 13282.91 (+1.11%); Nifty 3796.40 (+0.51%); Nasdaq 2389.72 (+0.58%); Dow 12108.43 (+0.04%). On Nov 09 2006, FIIs were net buyers of stocks to the tune of Rs 526.90 crore (purchases worth Rs2276.80 crore and sales of Rs1749.90 crore) while domestic mutual funds were net sellers of stocks to the tune of Rs71.06 crore (purchases worth Rs451.52 crore and sales of Rs522.58 crore).

The market may slip initially following overnight fall in European markets and a sharp fall amongst major Asian indices in morning trades. As the overall sentiment remains bullish, the market may overcome early weakness and attract buying support as the trading progresses. On the technical front, the Nifty in the short term could test 3840-3860 range on the upside and has a support at 3790. The Sensex may face resistance at 13385 and could test lower levels at 13240.

US indices were marginally up on Friday as investors took the opportunity of the fall in crude oil prices. While the Dow Jones gained 5 points at 12108, the Nasdaq added 14 points to close at 2390.

Indian ADRs were largely positive on the US bourses. Tata Motors rose over 4%. ICICI Bank and Dr Reddy's were up over 1% each while while HDFC Bank, Satyam and Rediff ended with steady gains. However, VSNL was down by over 2% while Patni Computers, Wipro, MTNL and Infosys were marginally down.

Crude oil prices in the US market fell sharply, with the Nymex Light Crude oil for December delivery falling $1.57 to close at $59.59 a barrel, while the London Brent crude dropped $1.61 to close at $59.71 per barrel. In the Commodity space, the Comex gold for December series dropped $6.70 to settle at $630.10 an ounce.