Gains likely

Overnight gains in the US indices and the firm Asian market trend could lift the domestic market sentiment, though FIIs are not lending in good support by turning net sellers of equities in the current month so far. In the near-term, the Nifty could face resistance at around 3700 - 3785 levels on the upside while on the downside there is good support at 3565. The Sensex has a likely support at 12500 and resistance at 12800.

US indices exhibited a positive trend on monday, with the Dow Jones moving up by 157 points to close at 12208 and the Nasdaq gaining 44 points to close at 2385.

Indian floats were largely strong on the US bourses. Infosys, Wipro, Satyam, ICICI Bank, HDFC Bank, VSNL, Patni Compuetrs and Rediff were up nearly 4-5% each while Dr Reddy and MTNL inched up marginally. While only Tata Motors is on the negative zone with 0.29% respectively.

Crude oil prices gained, the Nymex light crude oil for April delivery gaining by 62 cents to close at $60.69. In the commodity space, while the Comex gold for April series gained $7 to settle at $646.20 a troy ounce.