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Tuesday, May 22, 2007
Market may remain volatile
The market may witness cautious trend as US indices ended on a flat note yesterday and Asian indices are exhibiting upward trends in morning trades. Although the bias remains positive, investors should maintain caution as profit-taking at higher levels may pull down the market. Among the local indices the Nifty could test 4245 and 4220 on the downside while on the upper side it may move up to 4300. The Sensex has a likely support at 14000 and may face resistance at 14600.
US indices finished on a flate note on Monday. While the Dow Jones ended in negative at 13543 declined by 14 points, the Nasdaq up by 20 points at 2579.
Indian floats trading on the US bourses were traded mixed. HDFC Banf was the lead performer and soared 4.93% while Patni Computers rose over 4.03%. Dr Reddy and VSNL ended up each. However, Tata Motors, Satyam, Wipro, ICICI Bank, Rediff, infosys and MTNL ended with steady losses.
Crude oil prices inched higher in the US market, with the Nymex light crude oil for June delivery adding $ 1.33 to close at $66.27 a barrel. In the commodity space, the Comex gold for June series fell $1.80 to settle at $663.80.
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