Market may trade higher

The market may resume positive due to marginal overnight gains in the US indices and a fall in the global crude oil prices. Among the Asian indices, Nikkei has raised around 0.69% while Kospi, Straits Times and Jakarta are trading with steady gains, However, Hang Seng remained unchanged . Among the local indices, the Nifty could face resistance around 3960 and has a likely support at 3904 while the the Sensex has a likely resistance at 13855 and support at 13600.

US indices posted modest gains on Monday, thanks to a slide in the crude oil prices. While the Dow Jones added 25 points to 12423, the Nasdaq moved up 4 points to close at 2438.

Indian ADR's largely ended on a mixed note on the US bourses. MTNL advanced 5.81% while, ICICI Bank, Patni Computers and VSNL gained nearly 1-3% each. However, Rediff tumbled over 1.12%, while Satyam, Infosys, Wipro, Dr Reddy and HDFC Bank closed with marginal losses. Tata Motors ended unchanged.

In the crude oil front, the Nymex light crude oil for february series lost 22 cents to close at $56.09 per barrel. The bullion Comex gold for February delivery gained $2.50 to settle at $609.40 a troy ounce.