Bullish mood may continue

The sentiment is likely to remain bullish following the surge in the Asian and US indices, and persistent buying in the domestic market. FIIs remaining net buyers of stocks for the forth straight session may help the market to march further. However, rising oil prices and expected rise in inflation numbers could put pressure on investor sentiment. Among the local indices, the Nifty crossed the psychological 6,000 mark in yesterday's trades and if it sustains at that level, it can target 6,200 to 6,400, while it has a likely support at 5,740 on the downside and a break below this level could see the index slip to 5,594. The Sensex has a likely support at 19,300 and may face resistance at 21,000.

US markets rallied on Thursday as investors welcomed the White House's plan to help troubled homeowners. While the Dow Jones flared up by 175 points at 13620, the Nasdaq moved up by 43 points to close at 2709.

Except Dr Reddy's and Tata Motors all the Indian ADRs traded firm on the US bourses. MTNL led the pack with gains of over 5% while Wipro, ICICI Bank and Rediff jumped over 2-4% each. Among other gainers Satyam, Infosys, VSNL and Patni Computer added around 1% each.

Crude oil prices advanced further, with the Nymex light crude oil for January delivery gaining by $2.74 to close at $90.23 a barrel. In the commodity space, the Comex gold for February delivery gained $3.40 to settle at $807.10 an ounce.