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Wednesday, May 13, 2009

Bias may remain bullish


The positive Asian indices in morning trades and prevailing bullish trend likely to generate optimism in morning trades. The market may see some short-term profit bookings in frontline stocks which may create a volatility in the afternoon. Among the domestic indices, the Nifty could test higher levels of 3720 and may dip to 3650 on the downside. The Sensex has a likely support at 12000 and may face resistance at 12300.

Blue chips gained and the Nasdaq declined in a mixed Tuesday session on Wall Street as investors showed caution after the recent rally and amid ongoing worries about banks and autos. As a Result the Dow gained 50 points to close at 8469, the Nasdaq also ended weak with loss of 15 points at 1716.

Indian ADRs had a mixed outing on Friday. Wipro was the major gainer amongst the ADRs and gained 6.05%, while Infosys, Satyam, Dr Reddy, ICICI Bank, VSNL and Tata Motors were up around 1-3% each. Among the losers Rediff shed 5.06% and HDFC Bank, MTNL and Patni Computers fell around 1% each.

Crude oil prices moved up, while the Nymex light crude oil for June series went up by 84 cents at $59.69 a barrel. In the commodity segment, the Comex gold shot up by $10.40 to settle at $923.90 an ounce.