Market may resume Positive

The market is expected to remain positive with a sideways movement during intra-day trades. Among the key domestic indices, the Nifty will face resistance around 4200 levels and on breaking and sustaining above this level, it should test its all-time high of 4245. On the downside, support for Nifty is 4126. The Sensex has a likely support at 14220 and may face resistance at 14440. While the Asian indices are exhibiting a positive trend in the ongoing trades.

US indices with the marginal loss on Friday following worries of slowing growth. While the Dow Jones gained 3 points at 12768, the Nasdaq dropped a points to close at 2496.

Majority of the Indian floats ended with steady gains on the US bourses. DR reddy advanced 1.72% while VSNL gained 1.04% and Rediff moved up 1.03%, Infosys, Satyam, wipro, Tata Motors, HDFC Bank,ICICI Bank, and MTNL were up nearly 1% each. However, Only patni Computers was on the negative side.

Crude oil prices moved up, with the Nymex light crude oil for March series rising by $1.40 at $59.39 a barrel and In the commodity space, the Comex gold for April delivery flared up by $1.40 to settle at $672.80 a troy ounce.