Firm global indices indicate positive outlook

The market bias may remain positive on strong fund buying into the local market and surging international indices. However, caution should be maintained on account of the prevalence of a intra-day volatility. Among the local indices. Among the local indices, the Nifty could test 5260 on the upside and may slip to 5130 on the downside. The Sensex has a likely support at 17650 and may face resistance at 18200.

US indices moved marginally up despite drop in factory order, rise in weekly jobless claims and jump in oil prices. The Dow Jones gained by six points at 13974, the Nasdaq advanced by four points at 2734.

The Nymex light crude oil for November series advanced by $1.50 at $81.44 a barrel. In the commodity space, the Comex gold for December delivery rose by $8.10 to settle at $736.30 an ounce.