Upmove may continue

After crossing the psychological 15600 level in yesterday's trades and the market is likely to continue its northbound journey as buying interest continues in almost all the sectoral counters. Firm overnight US markets and FIIs remaining net buyers in equities may augur well for the market. However, mix Asian cues and intra-day volatility remains the major concern. Among the key local indices, the Nifty could test higher levels around 4540 and has supports at 4420. The Sensex has a likely support at 14900 and may face resistance at 15850.

US Indices rose on Thursday ahead of Friday's big monthly jobs report. While the Dow Jones scaled up 58 points at 13363, the Nasdaq ended eight points higher at 2614.

Indian floats, too, were upbeat on strong domestic and US markets. Barring Patni Computers and Rediff other Indian ADRs ended at higher levels. VSNL led the upmove and surged 3.96% while Satyam, HDFC Bank, MTNL, VSNL, Infosys, Dr Reddy's Lab and ICICI Bank gained over 1-3% each.

Global crude oil prices moved up marginally, with the Nymex light crude oil for October series rising by 57 cents at $76.30 per barrel. In the commodity space, the Comex gold for December delivery flared up $13.90 to settle at $704.60 a troy ounce.