Rally may continue

The Market may log gains due to optimism amongst the investors. Market is likely to make further headways on firm Asian markets and positive weekly close in US markets. However, the market may see some short-term profit bookings in frontline stocks creating a volatility in the afternoon trades. Among the indices, the Nifty could test higher levels around the 4262-4315 range, while on the downside it has a key support around 4157-4110. The Sensex has a likely support at 14100 and may face resistance at 14500.

Stronger-than-expected readings on the economy, sent stocks higher on Friday. The Dow Jones industrial average jumped as much as 143 points at 13379, the Nasdaq moved up by 35 points to close at 2577.

The Indian ADRs also claosed with solid gains on the US bourses. Tata Motors jumped 5.72% followed by HDFC Bank adding 4%, while Infosys, Satyam, Wipro, Tata Motors and Patni Computer were up over 1-3% each. However, Rediff slipped 0.59% and Dr reddy's Lab lost 1.15%.

Crude oil prices rose on Friday, with the Nymex light crude oil for October delivery gaining $1.26 to close at $71.09 a barrel. In the commodity space, the Comex gold for December delivery gained $9.10 to settle at $677.50 an ounce.