Buying may continue

After surging above the 13700 mark yesterday the market could notch up further gains owing to bullish sentiment. Also overnight gains in the US market and a strong Asian indices in early trades could weigh positively on the sentiment. Tech stocks may witness strong buying in the domestic market on healthy upsurge in tech ADRs on the US bourses. The benchmark indices, the Nifty could test 3900 and 3940 levels on the upside, while the Sensex has a likely support at 13620 and may face resistance at 13750.

US indices posted modest gains on Tuesday, thanks to a slide in the crude oil prices. While the Dow Jones added 64 points to 12408, the Nasdaq moved up 12 points to close at 2414.

All the Indian ADRs ended in the green. Satyam Compuetrs led the Indian ADR pack with gains of 4.52% followed by Patni Computers flared up by 3.58%, Wipro & Tata Motors (up 3.54%) and ICICI Bank (up 3.25%) while, MTNL, VSNL, Rediff and HDFC Bank gained over 1% each. However, Dr Reddy remained unchanged.

Crude oil prices in the international market declined, with the Nymex US light crude oil for February delivery falling $1.21 to close at $61.10 a barrel. In the commodity segment, the Comex gold for February delivery advanced $4.60 to settle at $626.90 an ounce.