Market may open on a firm note

The Market may log gains due to optimism amongst the investors. The market is also likely to see more action on the back of a firm US markets and over 4-13% gains in majority of the Asian indices in the prevailing trades. Among the key local indices, the Nifty could test 3550 on the upside and has supports at 3450. The Sensex has a likely support at 11150 and may face resistance at 11450. Wall Street roared back from its worst week ever with one of its best single days ever on Monday, as governments pledged to pour cash into struggling banks to restore confidence in a rocky global financial system, with Dowjones gained 936 points to close at 9387 while the Nasdaq ended 195 points higher at 1844. Among the Indian ADRs trading on the US bourses, Wipro was the major gainer by 39.67%, followed by ICICI Bank up by 29.96%, VSNL 28.13%, Infosys advanced 23.42% and HDFC Bank 19.13%, while Satyam, Patni Computer, Dr Reddy, Tata Motors, MTNL & Rediff were up by 7-17% each. Crude oil prices raised, the US light crude oil for November delivery moved up by $3.49 at $81.19 a barrel. In the commodity segment, the Comex gold for December delivery slipped by $16.50 to settle at $842.50 an ounce.