Market may resume on a positive note

The market is likely open on a firm note on Friday's 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 around 1% each. However, caution should be maintained on account of the prevalence of a intra-day volatility. Among the local indices, The Nifty may drift down to 4085 levels. On a break below 4085, the next short-term support is at 4040 and could test higher levels around 4130. The Sensex on the downside may slip to 13800 and may face resistance at 14100.

US indices registered another record high Friday, making this the longest bull run in 80 years, as investors cheered tame inflation numbers, talk of big mergers and a jobs report that appeared just right. While the Dow Jones gained by 23 points at 13265, the Nasdaq advanced by 7 points at 2572.

The Nymex light crude oil for June series slipped by $1.26 at $61.93 a barrel. In the commodity space, the Comex gold for June delivery rose by $5.30 to settle at $689.70 an ounce.