Bias may remain positive

The market is likely to display positive trend on the back of a firm economy outlook and continuing fund inflows into the domestic equities. The major Asian gauges like the Nikkei, the Hang Seng index, the Kospi index and the Jakarta index have gained substantially in current trades and US Market also ended with a positive note could move up the local indices in early trades. However, Persisting intra-day volatility and unwinding of position on the last day of May series derivative contracts may see the market witness sideways movement. Among the major domestic indices, the Nifty could test 4220 on the downside and faces resistance at 4300. The Sensex has a likely support at 14300 and test higher levels of 14600.

US indices rallied Wednesday as the Dow industrials closed with another record high and Nasdaq at new 6-year high. While the Dow Jones flared up by 112 points at 13,633, the Nasdaq moved up by 21 points at 2,593.

Barring few, rest of the Indian floats had a field day on the US bourses. Wipro gained 2.92%, while Satyam, Tata Motors, ICICI Bank, HDFC Bank, VSNL and Rediff gained around 1% each. However, Patni Computer slipped over 2% and Infosys, Dr Reddy's and MTNL fell marginally.

Crude oil prices edged higher, the US light crude oil for July delivery moved up by 34 cents at $63.49 a barrel. In the commodity space, the Comex gold for August series declined $4.10 to settle at $663.40 a troy ounce.