Firm global cues help market to advance further

The market is likely to see further action on the back of a firm US markets and over 1% gains in majority of the Asian indices in the prevailing trades. Investors should also take into account the prevalance of strong intra-day volatility. Although FIIs have been providing cushion by remaining net buyers which may help the sentiment remain bullish. Among the key domestic indices, the Nifty may resist at 5210 and on breaching this level could touch the index all-time high of 5260. The Sensex has a likely support at 17650 and may test higher levels at 18200.

Major US indices rose on Friday after a strong September jobs report indicating that the economy will be able to avoid a recession. While the Dow Jones flared up by 92 points at 14066, the Nasdaq moved up by 47 points to close at 2780.

The Nymex light crude oil for November delivery fell by 22 cents to close at $81.22 a barrel. In the commodity space, the Comex gold for December delivery jumped $3.40 to settle at $747.20 an ounce.