Market may open on a firm note

The Market may log gains due to optimism amongst the investors. The market is also likely to see more action on the back of a firm US markets and over 1-3% gains in majority of the Asian indices in the prevailing trades. Further slide in crude oil prices may help the sentiment remain bullish and trigger rally in oil stocks. Among the key local indices, the Nifty could test 6200 on the upside and has supports at 5400. The Sensex has a likely support at 18000 and may face resistance at 21000.

In the US markets, the broader Dow Jones was up by 320 points at 13307, and the tech-heavy Nasdaq was up by 90 points to close at 2674 .

Among the Indian ADRs trading on the US bourses, MTNL was the major gainer by 13.65%, followed by HDFC Bank up by 13.26%,ICICI Bank 12.37% and VSNL 11.14, while Infosys, Satyam, Patni Computer & Wipro were up by 4-7% each. However, Dr Reddy's slipped into the red.

Crude oil prices slipped marginally, the US light crude oil for December delivery moved down by $3.45 at $91.17 a barrel. In the commodity segment, the Comex gold for December delivery slipped by $8.70 to settle at $807.70 an ounce.