Market may advance amid volatility

After displaying a lacklustre trend in yesterday's trades, the market may trade in positive territory with a mixed bias and could witness a rally, as the overall sentiment remains bullish on strong FII inflows, firm international indices and no rise in interest rate by Fed. The market may be under pressure in early trades as most of Asian indices have eased in morning trades. On the technical front, the Nifty could target higher levels of 3900 and 3950 and on the downside there is a support at 3830, while the Sensex has a likely support at 13330 and may face resistance at 13588.

US indices moved up on Thursday amid inflation data which boosted hopes that the Fed won't have to raise interest rates and may even cut them early next year. While the Nasdaq added six points to close at 2449, the Dow Jones added 54 points to close at 12306.

Majority of the Indian floats ended in the red. Dr Reddy's was the biggest losses and lost over 5% followed by MTNL which was down 3%. Patni Computers, ICICI Bank and Tata Motors were down 1% each while Infosys, ended with steady losses. However, HDFC Bank moved up over 3%. Rediff and VSNL gained over 2% each. Wipro and Satyam moved up marginally.

Crude oil prices continued to drift with the Nymex Light Crude oil for December delivery declined by $2.50 at $56.26 a barrel while the London Brent crude added 62 cents to close at $59.46 per barrel. In the Commodity space, the Comex gold for December series dropped $2.10 to settle at $621.70 a troy ounce.

On Nov 15 2006, Mutual Fund were net buyers of stocks to the tune of Rs206.53 crore (purchases worth Rs851.57 crore and sales of Rs645.04 crore).