Upward trend may continue

The market is likely to witness upward trend as major Asian gauges like the Nikkei, the Hang Seng index, the Kospi index and the Jakarta index have gained in current trades and US Market also ended with a positive note on note. The domestic indices also gained by 306 points on Thursday and finally closed at 13487 marks.

Among the domestic indices, the Nifty could test resistence around 3850-3875 levels and on the downside 3820. below this level may slip to 3750 level. The Sensex has a likely support at 13440 and may face resistance at 13620.

US indices ended positive on Thursday with, the Dow Jones closing at 12417, up 99 points, while the Nasdaq moving up by 21 points to close at 2454.

All Indian floats, also, gained in US market and ended higher. HDFC Bank, ICICI Bank and VSNL where the heaver gainers by over 4%, while Satyam, Wipro, Dr Reddy's & Tata Motors were up by 3% each. Infosys, MTNL, Rediff and Patni Compuetrs gained above 1-2% each.

While the Nymex light crude oil for January delivery gained by $ 1.14 to close at $62.51 a barrel. In the commodity space, the Comex gold for February series declined $1.50 to settle at $630.90 an ounce.