Market may resume on a positive note

The market may open on a positive note on yesterday's gains in US markets and firm Asian markets in current trades. Major Asian indices like Nikkei, Hang Seng and Kospi are trading with the gains of around 50 points each. However, caution should be maintained on account of the prevalence of a intra-day volatility. Among the local indices, The Nifty has a short-term support is at 4300 and could test higher levels around 4420. The Sensex on the upside may touch 15135 level and has a support at 14900.

US indices registered gains on Thursday, despite subprime and credit market fears. While the Dow Jones gained by 101 points at 13463, the Nasdaq advanced by 22 points at 2576.

Indian ADRs had a mixed outing on US bourses. Patni Computer fell sharply and tumbled over 3.85% while MTNL, Tata Motors, ICICI Bank, VSNL and Rediff declined over 1-3% each. However, Infosys, Satyam, Wipro, HDFC Bank and Dr Reddy's Lab ended with steady gains.

The Nymex light crude oil for September series gained by 33 cents at $76.86 a barrel. In the commodity space, the Comex gold for December delivery rose by 70 cents to settle at $676.60 an ounce.