Bullish trend may continue

Firm global markets followed by strong buying interest in heavyweights and sectoral stocks may help the local indices advance further. However, FIIs remaining net sellers in equities may put some pressure on investor sentiment and the market may see some volatility in later part of the day. Among the key local indices, the Nifty has a support at 5,600 and a break below this level could see it slip further to 5,540, while on the upside the index could test higher level in the 6,000-6,400 range. The Sensex has a likely support at 18,600 and may face resistance at 19,830.

US indices closed higher on Monday as investors remained buoyant on financial services sector after one of the Wall Street firm announced a big foreign cash investment. The Dow Jones gained about 99 points at 13549, while the Nasdaq added 22 points at 2714.

Crude oil prices moved up marginally. The US light crude oil for February series surged by 82 cents at $94.13 a barrel. In the commodity space, the Comex gold for February delivery surged by $1.10 to settle at $816.50 an ounce.