Market may advance further

Stocks across sectors along with heavyweights may gyrate sharply. Overnight weakness in the US indices and mixed Asian markets in mornings trades may further dampen the investors' sentiment. On the technical side, the Nifty has a stiff resistance at 6300 and the downside cap at 6193, while the Sensex could test higher levels of 21000 and has a likely support at 20438.

US indices ended mixed on Monday, with the Dow Jones closing below at 12827, 27 points up. The Nasdaq lost 5 points at 2499.

All the Indian floats had a field day on the US bourses. ICICI Bank jumped 9.81%, HDFC Bank surged 6.53% and Tata Motors moved up by 3.26% while Satyam, Wipro, Infosys and Dr Reddy's gained around 1-3% each. However Rediff lost 2.42% followed by Patni Computers by 2.23%.

Crude oil prices in the US market slipped on Monday, with the Nymex light crude oil for February delivery falling by $2.82 to close at $95.09 a barrel and in the commodity space, the Comex gold for February series also lost $3.70to settle at $862 a troy ounce.