Upmove may continue

Sensex closed on record high of 14516 on sustained buying in auto stocks yesterday, shrugging off the worries of the inflation hike. However, the market is moving in the tune with international markets may witness caution on mixed global cues and dwindling fund inflows. Among the domestic indices, the Nifty on the upside it could test 4250 and on the down side it may touch 4180. The Sensex has a likely support at 14372 and may face resistance at 14600.

US indices ended mixed on Monday on upbeat report from Wal-Mart and slew of merger news. While the Dow Jones moved up by 8 points to close at 12662, the Nasdaq ended five points lower at 2471.

Indian ADR losers pipped gainers on the US bourses. Wipro, Tata Motors, HDFC Bank ,Dr Reddy's lab ICICI Bank and Patni Computers declined around 1% each. Infosys and MTNL gained marginally while VSNL, Satyam and Rediff remained unchanged.

The Nymex light crude oil for March delivery fell by 28 cents to close at $58.74. In the commodity space, the Comex gold for April series gained $4.60 to settle at $656.10 a troy ounce.