Sharekhan Pre-Market Report dated May 23, 2008

. Range-bound moves likely The market is likely to move in a range and could witness selective buying and selling activities.   The market showed resilience in yesterday's trades and is likely to move in a range with select bouts of buying and selling activities today. On the downside, the Nifty has a likely support at the 4980-4930 range and could test higher levels of 5066 and 5118  while the Sensex has a support at 16736 and resistance at 17136.   US indices came off their early highs and ended with slim gains on Thursday. While the Dow Jones added 24 points to 12626, the Nasdaq was up 16 points at 2465.   Indian ADR gainers outnumbered losers on the US bourses. Dr Reddy's flared up 3.59% and HDFC Bank moved up 2.15% while Satyam, Wipro, Infosys, VSNL, Rediff and Patni Computer ended with steady gains. Among losers, MTNL tanked 1.21% while Tata Motors and ICICI Bank also ended at lower levels.   Crude oil prices in the international market declined on Thursday, with the Nymex US light crude oil for June delivery dipping $2.36 to close at $130.81 a barrel. In the commodity space, the Comex gold lost $10.30 to settle at $918.30 an ounce.   Daily trend of FII/MF investment in equities On May 21, 2008 FIIs were net sellers of stocks to the tune of Rs611.40 crore (purchases worth Rs2,830.30 crore and sales of Rs3,441.70 crore) while domestic mutual funds were net buyers of stocks to the tune of Rs13.10 crore (purchases worth Rs622.60 crore and sales of Rs609.50 crore).  INDICES SNAPSHOT ASIAN INDICES at 09:20 IST on May 23, 2008 Index Level Change(pts) Change(%) Nikkei 14080.96 102.50 0.73 Hang Seng 24909.41 133.71 -0.53 Kospi Index 1834.40 -1.02 -0.06 Straits Times 3166.57 5.71 0.18 Jakarta Composite 2492.28 -11.67 -0.47 EUROPEAN INDICES at close on May 22, 2008 FTSE 100 6181.60 -16.50 -0.27 CAC 40 Index 5028.78 1.19 0.02 Dax Index 7070.33 29.50 0.42 US INDICES at close on May 22, 2008 Dow Jones 12625.62 24.43 0.19 Nasdaq 2464.58 16.31 0.67	PRE-MARKET COMMENTARY May 23, 2008| Market round-up, 9:45 IST
	STOCK TO WATCH TODAY BHEL ITC CROMPTON GEOJIT FEDRLBNK   INDIAN ADRs Company Last Close %Change Infosys 44.21 0.66 Satyam 25.88 1.09 Wipro 13.20 1.77 Dr.Reddy's 15.57 3.59 Tata Motors 15.40 -0.84 ICICI Bank 40.91 -0.22 HDFC Bank 100.89 2.15 MTNL 4.90 -1.21 VSNL (TCL)* 23.34 0.09 Rediff 8.51 0.12 Patni Comp 12.80 0.39
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