Gains may continue

The strong buying by FIIs in equities and the renewed buying interest in heavyweights and sectoral stocks may keep the bias positive for the day. Among the key indices, the Nifty can see an up- move till 6,200 levels and has a key support at 5,850 levels in the near-term. The Sensex has a likely support at 19,500 and may face resistance at 21,000.

US indices stumble on the last trading day of year on worries about housing and credit markets, with the Dow Jones closed at 13265, down 101 points, while the Nasdaq slipped 2 points to close at 2652.

The Indian ADRs trading on the US bourses had a mixed outing on Monday. MTNL led the pack with gains of 3.79% while,VSNL and Tata Motors gained marginally. However, Wipro, HDFC Bank, Dr Reddy's Lab, Infosys, Satyam, Patni Computers and Rediff slipped over 1-2% each.

Crude oil prices in the international market moved marginally down, with the Nymex light crude oil for February delivery slipping by two cent to close at $95.98 per barrel. In the commodity space, the Comex gold for February series fell $4.70 to settle at $838 a troy ounce.