Upmove may continue

The market crossed the psychological 13740 level in yesterday's trades and is likely to take further lead as buying interest continues in large-caps and several other sectoral counters. Overnight rise in the US markets coupled with steady opening for the Asian indices in current trades may augur well for the domestic indices. Among the key local indices, the Nifty could test higher levels around 3985 and has supports at 3930-3900 range. The Sensex has a likely support at 13625 and may face resistance at 13780.

US indices posted gains on Wednesday with the Dow Jones adding five points to close at 12327, and the tech heavyweight the Nasdaq ended eleven points higher at 2466.

Indian floats, too, were upbeat on strong domestic and US markets. Except Rediff and VSNL, all other Indian ADRs ended at higher levels. Wipro led the upmove and surged over 5% while Satyam gained over 4%, HDFC Bank, MTNL, VSNL, Infosys, Tata Motors and Dr Reddys gained over 1-2% each.

The Nymex Light Crude oil for January series declined by 93 cents at $59.24 per barrel. In the Commodity space, the Comex gold for December delivery flared up 30 cents to settle at $629.00 a troy ounce.

On Nov 21 2006, FIIs were net buyers of stocks to the tune of Rs642.30 crore (purchases worth Rs2,825.10 crore and sales of Rs2,182.90 crore) while domestic mutual funds were net sellers of stocks to the tune of Rs78.81 crore (purchases worth Rs537.41 crore and sales of Rs616.22 crore).