Upmove may continue

The market is likely to stay firm on overnight gains in the US indices and strong Asian markets in morning trades. Major Asian indices like Nikkei, Hang Seng, Kospi, Straits Times and Jakarta Composite are trading with gains of more than 1% each. However, caution should be maintained on account of the prevalance of a intra-day volatility. Among the local indices, the Nifty could test higher levels around the 4540 level and has a support in the 4600-4650 range. The Sensex on the downside may slip to 14850 and may face resistance at 15150.

US indices registered gains on Thursday, led by energy, financial and tech shares, as investors welcomed signs of improvement in the labor market ahead of the big monthly jobs report. While the Dow Jones soared by 75 points at 8750, the Nasdaq advanced by 24 points at 1850.

The Indian ADR pack also rallied sharply on the US bourses. VSNL led the upmove and zoomed nearly 10% while ICICI Bank, Wipro, Dr Reddy, HDFC Bank, MTNL, Rediff and Patni Computers flared up over 1-7% each. While Satyam lost 15%.

Crude oil prices in the global market edged higher Nymex light crude oil for July series rose by $2.69 at $68.81 a barrel. In the commodity space, the Comex gold for August delivery advanced by $16.70 to settle at $982.30 an ounce.