Firm global indices indicates positive open

After posting biggest gains in the last session, the bias for the market may remain positive. The market is expected to make further headways on surging international indices and prevailing strong bullish sentiment. However, investors should remain cautious on account of the prevalence of a intra-day volatility. Among the local indices, the Nifty could test higher levels in the 3750-3800 range and has a support in the 3600-3550 range. The Sensex on the downside may slip to 12000 and may face resistance at 12300.

Major US indices rose Monday, pushing the major gauges to multi-month highs, as a better-than-expected housing market report intensified hopes that the economy is closer to stabilizing. While the Dow Jones flared up by 214 points at 8427, the Nasdaq moved up by 44 points to close at 1764.

All the Indian ADRs traded firm on the US bourses except MTNL. ICICI Bank led the pack with gains of over 14.16% followed by Wipro & HDFC Bank gained 10-12% each. While, Infosys, Tata Motors, Patni Computer and VSNL jumped over 3-6% and Satyam, Dr Reddy's and Rediff closed with the marginal gains.

Crude oil prices eased, with the Nymex light crude oil for June delivery falling by 39 cents to close at $54.08 a barrel. In the commodity space, the Comex gold for June delivery advanced $14 to settle at $902.20 an ounce.