Positive global cues may push indices higher

The sharp 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 4300-4350 levels and has a likely supports at 4200-4150 levels. The Sensex has a likely support at 14200 and may face resistance at 14500.

US indices bounced back sharply and finished higher, as investors scooped up a variety of shares hit in the recent selloff -- including commodity, consumer, homebuilding and tech issues. While the Dow Jones moved up by 173 points at 8,472, the Nasdaq managed to add 37 points at 1,830.

Barring few, most of the Indian floats had a field day on the US bourses. ICICI Bank flared up by 5.16% and Patni Computers jumped 4.51% , while Dr Reddy's, Wipro, HDFC Bank, MTNL, Rediff, Infosys and Tata Motors gained around 1-3% each. Among the laggards Satyam slipped 1.18% and VSNL was down by 1%.

Crude oil prices raised a little, with the Nymex light crude oil for August delivery gained by $1.56 to close at $70.23 a barrel. In the commodity space, the Comex gold for August delivery gained by $5.10 to settle at $939.50 an ounce.