Market may remain choppy

Overnight flat close in the US markets and a mix trend in several Asian indices in the ongoing trading session may help the domestic indices rebound from lower levels. However, lack of clarity in the market and higher volatility may drag down the market. Among the indices, the Nifty could test higher levels at 2800-2850 and has a supports at 2750.The Sensex has a likely support at 9000 and may face resistance at 9200

US indices closed flat on Monday. While the Nasdaq advanced 18 points to 1494, the Dow Jones was down 64 points at 7937.

However, Indian ADRs were largely weak on the US bourses. Tata Motors dropped over 4%, while VSNL, ICICI Bank, Rediff, Wipro, HDFC Bank, MTNL and Dr Reddy were down around 0.50-2% each. Satyam, Infoys and Patni Computer, however, ended with modest gains.

Crude oil prices in the US market was marginally down, with the Nymex Light Crude oil for March 09 delivery losing $1.60 to close at $40.08 a barrel. However, in the Commodity space, the Comex gold for April series dropped $21.20 to settle at $907.20.


Daily trend of FII/MF investment in equities
On January 30, 2008, FIIs were net sellers of stocks to the tune of Rs16 crore (purchases worth Rs1319 crore and sales of Rs1335 crore).