Market may rise on firm global cues

The market is likely to display a positive trend on the back of increasing investor confidence on economic outlook and positive global cues. Strong investor's appetite for heavyweights and sectoral stocks could see the market to extend its winning streak. However, caution should be maintained as higher bouts of intra-day volatility is likely to persist. Among the local indices, the Nifty could test higher levels in the 4500-4550 range and has a support at 4400. The Sensex on the downside may slip to 14475 and may face resistance at 14775.

Major US indices rose Firday for the second session in a row, with the Dow Jones flared up by 97 points at 8500, the Nasdaq moved up by 23 points to close at 1774.

Indian ADRs had a mixed outing on US bourses. VSNL, Rediff ,Tata Motors, Dr Reddy, and Patni Computers dropped around 1-10% each. While, Infosys gained 3.54% while Wipro, ICICI Bank, HDFC Bank and MTNL were up around 1-2% each.

The Nymex light crude oil for July delivery gained by $1.23 to close at $66.31 a barrel. In the commodity space, the Comex gold for August delivery jumped $17.10 to settle at $980.30 an ounce.