Market may remain choppy

The rally in the US markets and subdued Asian markets in morning trades may weigh on local indices in early trades and thereafter could exhibit volatility during the intra-day trades. However, FIIs remaining net buyers in equities for last few sessions and presence of strong bullish sentiment may add to the market advantage and help the market remain positive. Key local indices, the Nifty could test higher levels around 6200-6400 range in the short term and has a support in the range of 5740-5594 levels . The Sensex is likely to test 19300 on the downside while it may face resistance at 21000.

US indices finished slightly higher on Wednesday after the US Federal Reserve, the European Bank, the Bank of England, the Swiss Central Bank rushed to ease credit crunch by injecting cash into banking systems. The Dow Jones closing 0.31% higher at 13474 up 41 points, while the Nasdaq changed a little to close at 2671.

Crude oil prices rose on New York Mercantile Exchange on concerns that a decision by central bank to provide cash to financial institutions may not prevent an economic slowdown. The Nymex light crude oil for January delivery moved up by $4.37 to close at $94.39 per barrel. In the commodity space, the Comex gold for February series surged by $1.70 to settle at $818.80 a troy ounce.