Market may move up

The market is likely to see further action on the back of a firm US markets and around 1% gains in majority of the Asian indices in the prevailing trades. Surging FII fund inflows and presence of bullish sentiment may help the market advance further. Among the key local indices, the Nifty has a strong support at 5600, while on the upside the index could test higher level at 6000. The Sensex has a likely support at 18600 and may face resistance at 19830.

US indices gained on Tuesday after the strong earnings from Goldman Sachs offset by concerns about how the credit market crisis will impact the economy. The Dow Jones soared about 65 points to 13232, while the Nasdaq surged by 22 points at 2596.

Indian ADRs witnessed strong buying support on US bourses. Except Patni Computers most of the ADR's notched up significant gains. The other Indian floats, HDFC Bank, ICICI Bank, VSNL, Infosys, Satyam, Tata Motors, MTNL, Rediff and Dr Reddy's surged over 1-4% each.

Crude oil prices slipped marginally. The US light crude oil for January series declined by 14x cents at $90.49 a barrel. In the commodity space, the Comex gold for February delivery surged by $8.10 to settle at $807.40 an ounce.