Bias may remain positive

Today Infosys will be declaring the forth quarter results and if guidelines will be on the positive side then market will get the direction for the next few days. A bullish sentiment is likely to persist as decent earning numbers are expected from Infosys. The market bias may remain positive on strong fund buying into the local market and surging international indices. Among the local indices, the Nifty could test 3850 and 3880 on the upside and may slip to 3775 on the downside. The Sensex has a likely support at 13050 and may face resistance at 13200.

Major US indices registered significant gains on Thursday as tech shares rose after biotechnology company MedImmune Inc. put itself up for sale, lifting other shares in the sector, while blue chips erased earlier losses. The Dow Jones flared up by 68 points at 12553, the Nasdaq moved up by 21 points to close at 2480.

Barring Patni all the Indian ADRs traded firm on the US bourses. Infosys led the pack with gains of 3% while Infosys, Satyam, Wipro, MTNL, VSNL, Dr Reddy's and Rediff jumped over 1-2% each. While Tata Motors and HDFC Bank closed with the marginal gains.

Crude oil prices moved up, with the Nymex light crude oil for May delivery gaining by $1.84 to close at $62.01 a barrel. In the commodity space, the Comex gold for June delivery slipped $2 to settle at $679.70 an ounce.