Market may stage a comeback

The firm rally in the US markets and a rise in several Asian indices in the ongoing trading session may help the domestic indices pull-back from lower levels. However, lack of clarity in the market and volatility may drag down the market. Among the indices, the Nifty could face a resistance at 4150-4200 levels and has a likely supports at 4050-4000 levels.

US indices bounced back sharply and finished higher, after a report showing consumer confidence hit an eight-month high offset dismal housing news. As a result the Dow Jones gained 196 points to close at 8473, the Nasdaq ended 58 points higher at 1750.

Barring few, most of the Indian floats had a field day on the US bourses. Patni Computer flared up by 9.23% and HDFC Bank jumped 3.08% , while Dr Reddy's, Infosys, Wipro, MTNL and Wipro gained around 1-3% each. Among the laggards VSNL slipped 11.46%, Rediff fell 11.13%, ICICI Bank lost 1.02%, Tata Motors lost 1.02% and Satyam Computers was down by 0.93%.

Crude oil prices raised a little, with the Nymex light crude oil for July delivery advanced by 78 cents to close at $62.45 a barrel. In the commodity space, the Comex gold for June delivery slipped by $5.60 to settle at $953.30 an ounce.