Market may remain volatile

After registering the gains of 400 points on Fridays, the market is likely to exhibit weak trends on the back of a strong intra-day volatile moves. The flat US markets and mixed Asian indices in morning trades also likely to put pressure on the domestic indices. However, the FIIs have turned net sellers of equities in the last session may help the investors' sentiment remain negative. Among the domestic indices, the Nifty on upside could test around the 4400 level and may witness support around the 4350 level. The Sensex has a likely support at 14600 and may test higher levels of 14900.

US indices closed flat on Friday, with the Dow Jones sliding over 34 points to close at 8438 while the Nasdaq gaining by 9 points at 1838.

The Indian ADRs witnessed decent to firm buying support on US bourses. Rediff was the major gainer amongst the ADRs and vaulted over 10.98%, while HDFc Bank gained 5.93%, VSNL propelled 5.12% and ICICI Bank moved up 4.46%. Infosys, Wipro, Tata Motors and Dr Reddy's were up over 0.50-2% each. Satyam & Patni Computer however lost marginallly and closed in negative territory.

Crude oil prices in the global market moved down on Friday. The Nymex light crude oil for August series lost by $1.07 at $69.16 per barrel. In the commodity segment, the Comex gold for August delivery moved up by $1.50 to settle at $941 an ounce.

Daily trend of FII/MF investment in equities
On June 25 2009, FIIs were net sellers of stocks to the tune of Rs1038 crore (purchases worth Rs4,112 crore and sales of Rs5,150 crore) while domestic mutual funds were net buyers of stocks to the tune of Rs691 crore (purchases worth Rs1955 crore and sales of Rs1264 crore).