Market to move up on global cues

The market is likely to display a positive trend on the back of increasing investor confidence on heavyweights and positive global cues. However, caution should be maintained as higher bouts of intra-day volatility is likely to persist. Among the local indices, the Nifty could test higher levels in the 5400-6300 range and has a support at 4550. The Sensex on the downside may slip to15900 and may face resistance at 17734. On the earnings front Ashok Leyland, BEML, BHEL, Dish TV, Dr Reddy's Lab, Federal Bank, Matrix Lab, TVS Motors, Uco Bank and Voltas are expected to announce their quarterly numbers.

US indices advanced for a second session on Thursday as investors continued to buy equities after a steep selloff. While the Dow Jones flared up by 108 points at 12379, the Nasdaq moved up by 45 points to close at 2361.

Except few most of the Indian ADRs traded weak on the US bourses. Dr Reddy's Lab led the pack with gains of nearly 3% while Infosys, Wipro and Tata Motors moved up by 1% each. Among the losers ICICI Bank, Satyam, HDFC Bank, MTNL, VSNL and Rediff slipped around 1-5% each.

Crude oil prices advanced further, with the Nymex light crude oil for March delivery gaining by $2.42 to close at $89.41 a barrel. In the commodity space, the Comex gold for February delivery rallied sharply by $23.90 to settle at $883.10 an ounce.