Global cues see market remain positive

After registering smart pullback in yesterday's trades the market is likely to advance further. The fall in crude oil prices for third day may also help sentiment remain positive. However, lack of clarity in the market and volatility may drag down the market. Among the local indices, the Nifty could test 5260 on the upside and may slip to 5100 on the downside. The Sensex has a likely support at 17300 and may face resistance at 18494.

US indices bounced back moderately and finished higher. While the Dow Jones moved up by 45 points at 13,567, the Nasdaq managed to add 29 points at 2,754.

All the Indian floats had a field day on the US bourses. MTNL flared up by 10.21% ,VSNL jumped 5.73% and ICICI Bank surged by 5.06% , while Dr Reddy's, Tata Motors, HDFC Bank, Infosys, Satyam, Patni Computer and Wipro gained around 1-3% each.

Crude oil prices eased a little , with the Nymex light crude oil for December delivery falling by $1.04 to close at $87.56 a barrel.