Market may advance

T
he market may open on a positive note on yesterday's gains in US markets and firm Asian markets in current trades. Major Asian indices like Nikkei, Hang Seng and Kospi are trading with the gains of around 1%each. However, caution should be maintained on account of the prevalence of a intra-day volatility. Among the local indices, The Nifty has a short-term support is at 2750 and could test higher levels around 2820. The Sensex on the upside may touch 9250 level and has a support at 8950.

US indices registered gains on Thursday on a mix of optimism about the government's new version of the bank bailout plan and better-than-expected monthly sales from Wal-Mart Stores. While the Dow Jones gained by 106 points at 8063, the Nasdaq advanced by 31 points at 1546.

Indian ADRs had a mixed outing on US bourses. Satyam Computer fell sharply and tumbled over 5.73% while Infosys, and Rediff declined over 0.50-1% each. However, Tata Motors, HDFC Bank, Dr Reddy's Lab, ICICI Bank and Patni Computer ended with steady gains.

The Nymex light crude oil for March series gained by 85 cents at $41.17 a barrel. In the commodity space, the Comex gold for April delivery rose by $12 to settle at $914.20 an ounce.