Bullish mood may continue

The market is likely to move forward on the back of firm Asian markets in current trades and smart overnight gains in US markets. On the positive front FIIs remained net buyers of stocks for last few sessions likely to keep sentiment bullish. However, intra-day volatility remains the major concern. Among the indices, the Nifty may get support at 4360 and could test higher levels in the range of 4500-4540. The Sensex has a likely support at 15250 and may face resistance at 15700.

US indices clocked steady gains on Tuesday after early economic reports supported hopes that the Federal Reserve may cut interest rates soon, following the recovery in tech and oil stocks. While the Dow Jones gained 91 points to close at 13449, the Nasdaq ended 34 points higher at 2630.

Indian ADRs also surged on the US bourses. Rediff, ICICI Bank, HDFC Bank, MTNL, VSNL, Wipro and Dr Reddy's gained over 1-4% each while Satyam, Tata Motors and Patni Computers were down marginally.

Crude oil prices in the global market moved up, with the Nymex light crude oil for October series rising by $1.04 at $75.08 a barrel. In the commodity segment, the Comex gold for December delivery surged $9.60 to settle at $691.50 an ounce.