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Monday, November 05, 2007

Market likely to remain edgy


The market is likely to see some choppy trading on the back of weak Asian indices in current trades. However, gains in the US markets, surging FII investments and bullish trend may help market to add gains. But, rise in oil prices may put some pressure on investors' sentiment. Among the domestic indices the Nifty could taste 6000 level on the upside and has a strong support at 5700 levels. The Sensex has a strong support at 19000 and has a resistance at 20500 levels.

US indices saw a late-session rally to finish modestly higher on Friday. While the Dow Jones moved up by 27 points at 13595, the Nasdaq moved up by 16 points to close at 2810.

Crude oil prices advanced further, with the Nymex light crude oil for December delivery gaining by $2.44 cents to close at $95.93 a barrel. In the commodity space, the Comex gold for December delivery gained $14.80 to settle at $808.50 an ounce.