Construction of the system dependence graph for Web applications is complicated by the presence of dynamically generated code. In fact, a Web application builds the HTML code to be transmitted to the browser at run time. Knowledge of such code is essential for slicing. In this paper an algorithm for the static approximation of the dynamically generated HTML code is proposed. The concatenations of constant strings and variables are propagated according to special purpose flow equations, allowing the estimation of the generated code and the refinement of the system dependence graph.