The benchmark indices, Sensex and Nifty, are expected to commence on a firm note and witness significant rally during intra-day trades, as international markets backed by firm US and Asian indices may help the sentiment remain buoyant. Among the Asian majors, Kospi Index has surged 2.52% while Nikkei & Hang Sang Index has scaled up nearly 1-2% each.
On the technical front, the Nifty could test in the 3380-3420 range on the upside and has supports in the 3300 - 3250 range, while the Sensex has a likely support at 10600 and may face resistance at 10850.
US indices posted gains on Wednesday as a housing sector merger and more optimism about the recovery overshadowed sinking bank shares and the Fed's dour economic forecast. As a result, the Dow Jones flared up by 48 points at 7,837, while the Nasdaq added 29 points to close at 1591.
All of the Indian ADRs traded firm on the US bourses except satyam & Rediff. Wipro & Tata Motors led the pack with gains of above 10-13% while MTNL, VSNL, Dr Reddy, Patni Computers, ICICI Bank, Infosys and HDFC Bank gained around 2-5% each. However, Satyam and Rediff ended with marginal loss.
Crude oil prices in the US market surged, with the Nymex light crude oil for May delivery raising by 23 cents to close at $49.38 per barrel . In the commodity segment, the Comex gold for june series gained $2.60 to settle at $885.90 a troy ounce.
On the technical front, the Nifty could test in the 3380-3420 range on the upside and has supports in the 3300 - 3250 range, while the Sensex has a likely support at 10600 and may face resistance at 10850.
US indices posted gains on Wednesday as a housing sector merger and more optimism about the recovery overshadowed sinking bank shares and the Fed's dour economic forecast. As a result, the Dow Jones flared up by 48 points at 7,837, while the Nasdaq added 29 points to close at 1591.
All of the Indian ADRs traded firm on the US bourses except satyam & Rediff. Wipro & Tata Motors led the pack with gains of above 10-13% while MTNL, VSNL, Dr Reddy, Patni Computers, ICICI Bank, Infosys and HDFC Bank gained around 2-5% each. However, Satyam and Rediff ended with marginal loss.
Crude oil prices in the US market surged, with the Nymex light crude oil for May delivery raising by 23 cents to close at $49.38 per barrel . In the commodity segment, the Comex gold for june series gained $2.60 to settle at $885.90 a troy ounce.
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