Market may rise on firm global cues

The market is likely to display a positive trend on the back of increasing investor confidence on economic outlook and positive global cues. Strong investor's appetite for heavyweights and sectoral stocks could see the market to extend its winning streak. However, caution should be maintained as higher bouts of intra-day volatility is likely to persist. Among the local indices, the Nifty could test higher levels in the 4190-4220 range and has a support at 4140. The Sensex on the downside may slip to14000 and may face resistance at 14300.

Major US indices rose Thursday for the second session in a row, as a mild reading on inflation and stabilization in the Treasury market helped investors set aside recent worries about rising interest rates. While the Dow Jones flared up by 71 points at 13553, the Nasdaq moved up by 17 points to close at 2599.

Except Rediff all the Indian ADRs traded firm on the US bourses. Patni Computer led the pack with gains of over 3% while, HDFC Bank, Dr Reddy's, Tata Motors, MTNL, Infosys, Satyam, Wipro and VSNL closed with the gains of 1-2% each.

The Nymex light crude oil for July delivery gained by 1.39% to close at $66.26 a barrel. In the commodity space, the Comex gold for August delivery jumped $3.20 to settle at $655.90 an ounce.