Market may add gains

A positive opening in most of the Asian indices in ongoing trades and prevailing strong bullish sentiment may help the local market advance further. However, bouts of strong intra-day volatile moves may weigh on the sentiment. Among the key indices, the Nifty has a resistance at 4300 and has a key support at 4260 in the near-term. The Sensex has a likely support at 14400 and may face resistance at 14600.

Us indices set new records on Friday, while the Nasdaq hit its highest in last six years and Dow hitting its new high as investors welcomed upbeat readings on job growth, manufacturing and inflation, as well as a strong earnings report from Dell. While the Dow Jones gained over 40 points, the Nasdaq moved up by 9 points.

Indian floats trading on the US bourses fared better on Friday, the gainers were, MTNL registering the highest gains over 13% while VSNL,Tata Motors, Infosys, Wipro, Dr Reddy's, HDFC Bank, Patni Computer and ICICI Bank gained around 1-2% each. Rediff, however, dropped around 1%.

Crude oil prices moved up, while the Nymex light crude oil for July delivery rose by $1.07 to close at $65.08 a barrel. In the commodity segment, the Comex gold for August series flared up $10.20 to settle at $676.90 an ounce.