Market may remain firm

The Market may log gains due to optimism amongst the investors. The mixed trend in US markets, gain in European markets and rise in Asian indices trend in the present trades could move up the local indices in early trades. On Monday the Sensex reached its new intra-high of 15341 during intra-day trades and finally closed at 15311. Among the indices, the Nifty could test higher levels around the 4550-4660 range, while on the downside it has a key support around 4450-4385. The Sensex has a likely support at 15220 and may face resistance at 15365. Key announcements like Aventis Pharma, LIC Housing Finance, MTNL, NDTV, Zee Enterprises, Aztecsoft, Jubliant Organics, KPIT Cummins and Madras Aluminium are expected to announced their figures.

US Indices posted gains on Monday as news of a potential big telecom deal involving Verizon pushed with the Dow Jones to close at 13,950.98 - its 30th record close since the start of the year, before setting a new intra day high of 13,989.11, less than 11 points from 14k. The previous high of 13,932.29 came in Friday's session, which also saw a record close. However the Tech heavy weight Nasdaq closed at 2697, 10 points down.

Most of the Indian ADRs posted gains on the US bourses. Patni Computer led the pack with the gains of 4.58%, while Sterlite and MTNL gained around 2% each. VSNL and Infosys gained 1% each Rediff was the major losser and was down by 8.3% followed by Satyam, Wipro, Dr Reddy's, Tata Motors, ICICI Bank and HDFC Bank which fell around 1% each.

Crude oil prices moved up marginally, with the Nymex Light Crude oil for August delivery gaining 22 cents to close at $74.15 a barrel. In the Commodity space, the Comex gold for August delivery shed $1 to settle at $666.30 an troy ounce.