Market may open positive

The market sentiment is likely to remain bullish following firm Asian markets in current trades and mix trend in US markets. The renewed buying interest in heavyweights and banking stocks may keep the bias positive for the day. Among the negative factors FIIs remained the net sellers in equities is likely to exert pressure on the investor sentiment. Among the key domestic indices, the Nifty could test higher levels in the 4360-4400 range and has a support at 4260. The Sensex has a likely support at 14350 and may face resistance at 14650.

US indices finished flat on Friday, the Dow Jones declined by 16 points at 8539.73, the Nasdaq moved up by 20 points to close at 1827.

The upsurge in both the domestic and US markets spurred the Indian ADRs trading on the US bourses. ICICI Bank led the pack with gains of 3.15% followed by Patni Computers gaining 2.86% while Infosys, Satyam, Tata Motors, HDFC Bank, VSNL, Rediff and Dr Reddy surged over 1-2% each. However, MTNL and Wipro slipped and closed in negative territory.

Crude oil prices in the international market moved down, with the Nymex light crude oil for July delivery declining by a $1.82 to close at $69.55 per barrel. In the commodity space, the Comex gold for August series surged by $1.60 to settle at $936.20 a troy ounce.