Market may add gains

A recovery in most of the Asian indices in ongoing trades and prevailing strong bullish sentiment may help the local market advance further. However, bouts of strong intra-day volatile moves may weigh on the sentiment. Among the key indices, the Nifty has a resistance at 5900 and has a key support at 5394 in the near-term. The Sensex has a likely support at 18800 and may face resistance at 19500.

US indices tumbled on Monday, as investors feared that credit crisis could lead to recession. While the Dow Jones fell over 237 points, the Nasdaq moved down by 56 points.

Indian floats trading on the US bourses slipped on Monday, the losers were, ICICI Bank registering the highest fall of 5.91% while HDFC Bank lost 5.54%. VSNL, Tata Motors, Infosys, Wipro, Patni Computer and ICICI Bank slipped over 1-3% each.

Crude oil prices moved down, while the Nymex light crude oil for January delivery slipped by 48 cents to close at $97.70 a barrel. In the commodity segment, the Comex gold for December series moved up by $1.80 to settle at $826.50 an ounce.