Market may witness pull-back

Overnight gains in the US markets and a sharp rise in several Asian indices in the ongoing trading session may help the domestic indices rebound from yesterday's losses. However, the market may exhibit caution owing to lack of clarity, higher volatility and the Sensex breaking the psychological level of 11000 towards the close yesterday. Among the indices, the Nifty could test higher levels at 3410 and 3450, and has a supports at 3320. The Sensex has a likely support at 10800 and may face resistance at 11100.

US indices gained onThursaday, with the major gauges touching multi-month highs on JPMorgan Chase's better-than-expected results and anticipation about Google's profit report. While the Dow Jones flared up by 96 points at 8,125, the Nasdaq moved up by 44 points at 1,670.

Most of the Indian ADRs traded firm on the US bourses. Rediff led the pack with gains of 12.24% while Wipro, Infosys, Patni Computers and HDFC Bank gained around 1-3% each. However, Satyam, Dr Reddy's Lab, Tata Motors, ICICI Bank, MTNL and VSNL slipped around 1-3% each

Crude oil prices edged higher, the US light crude oil for May delivery moved up by 73 cents at $49.98 a barrel. In the commodity segment, the Comex gold for June delivery slipped by $13.70 to settle at $879.80 an ounce.