Upmove may continue

The market crossed the psychological 14000 level in yesterday's trades and is likely to take further lead as buying interest continues in large-caps and several other sectoral counters. Gains in overnight US markets and in the Asian indices there was mix trend in current trades may augur well for the markets. Among the key local indices, the Nifty could test higher levels around 4050 and has supports at 3985 and 3960. The Sensex has a likely support at 13900 and may face resistance at 14035.

US indices post the marginal gains on Wednesday. While the Dow Jones scaled above the 12470 levels to close at 12475, 11 points up, the Nasdaq ended 8 points higher at 2423.

Indian floats, too, were upbeat on strong domestic and US markets. Except Dr Reddys, HDFC Bank, Rediff and Patni Computers, other Indian ADRs ended at higher levels. Tata Motors led the upmove and surged 6.17% while VSNL gained 5.47%, MTNL advanced 4.4% and Infosys, Satyam, Wipro and ICICI Bank gained over 1-2% each.

The Nymex light crude oil for February series declined by $2.73 cents at $58.32 per barrel. In the commodity space, the Comex gold for February delivery tumbled up $8.20 to settle at $629.80 a troy ounce