6 Feb 2008
Markets likely to test lower levels - 5400, 5370 on Nifty
Market may do some correction in the line with global cue. Our market yesterday recovered early losses and closed in a positive territory. Nifty could manage to be hold above 5400 level on its weak opening. Today we expect some profit taking. 5400 is remaining as crucial for Nifty. A correction up to 5370 will be healthy before a further up move.
US indices extended losses for second day yesterday and closed in -370 points. All Asian market are trading in red. Nikkei down more than 500 points. Hangseng opened in a gapdown of 1300 points.
According to NSE provisional data FIIs were net buyer in Indian capital market. They bought for 311 crores and DIIs sold for 135 crores.
Nifty February 2008 futures were at 5495, at a premium of 11.10 points as compared to spot closing of 5483.90.
The NSE's futures & options (F&O) segment turnover was Rs 31,121.35 crore, which was lower than Rs 40,169.33 crore on Monday, 4 February 2008.
NSE Advances:Declines ratio was 750:425. Positive market breadth.
Crude price cooled down to $ 88.45 a barrel at NYMEX.
All Indian ADRs were down 4-6% on NYSE.
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