Market may open firm

The market is likely to open on a positive note tracking firm Asian markets in current trades and the gains in the US markets. The global crude oil prices trading near $88 and strong FII inflows may boost the market sentiment. Among the local indices, the Nifty could test 6,200 on the upside and may slip to 5,750 on the downside. The Sensex has a likely support at 19,300 and may face resistance at 21,000.

US indices jumped on Monday on better-than-expected pending home sales report and possible interest-rate cut from the Federal Reserve. While the Dow Jones gained 101 points to close at 13727, the Nasdaq moved up by 13 points at 2719.

Barring few most of the Indian ADRs followed the US markets and ended with gains. Patni Computer surged by 3.45% and Wipro jumped 3.17% while, Infosys, Satyam, Dr Reddy's, Tata Motors, ICICI Bank gained over 0.5%-1%. However, MTNL, VSNL and Rediff shed around 1% each and HDFC Bank remained unchanged.

In the crude oil front, the Nymex light crude oil for January series slipped 42 cents to close at $87.86 per barrel. The bullion Comex gold for February delivery climbed $13.30 to settle at $813.50 a troy ounce.