Market on a zigzag road, but upmove continues

Marginal drop European market dampened the sentiment on Dalal Street yesterday but it was more related to the fears of overvaluation. The market is taking cues from international markets and the mixed global cues likely to weigh on the local indices in the morning trades. However, the prevailing bullish trend may add to the market advantage and help the sentiment turn positive. Among the domestic indices, the Nifty could test 4510 and below this level next support is in 4460-4405 range, while on the upside it could edge higher to 4620. The Sensex has a likely support at 15200 and may face resistance at 15500.

Among the Us indices the Dow industrials closed higher Monday, at the end of a choppy session on Wall Street in which investors weighed better-than-expected results with some wariness after a two-week rally. While the Dow Jones gained over 15 points at 9109, the Nasdaq moved up by 2 points at 1968.

Indian floats trading on the US bourses. had a firm outing on Monday, the gainers were, Rediff gaining over 13% while MTNL, Tata Motors and Satyam gained above 3-6% each. Whle Infosys, Wipro and Dr Reddy gained marginally. However, Patni Computers & HDFC Bank slipped over 1% each and VSNL and ICICI Bank dropped around marginally.

Crude oil prices are moving up gradually, while the Nymex light crude oil for September delivery rose by 33 cents to close at $68.38 a barrel. In the commodity segment, the Comex gold for December series dropped by 40 cents to settle at $956 an ounce.