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Monday, November 10, 2008

Market may rise on positive global cues


The gains in the US markets and positive opening in the most of the Asian indices may help the local market to add gains. However, bouts of high volatile moves and marginal rise in crude oil prices could dampen the sprit of the market. Among the key indices, the Nifty has a strong resistance at 5750 and has a key support at 5394 levels in the near-term. The Sensex has a likely support at 18250 and may face resistance at 19000.

US indices posted gains on Friday with the Dow Jones added 248 points at 8944, the Nasdaq was up 39 points at 1647.

Except Tata Mototrs of the Indian ADRs trading on the US bourses closed in the green. Satyam led the pack with gains of over 10.64% followed by ICICI Bank, MTNL and Patni Computers which gained above 8%. Infosys, Wipro, Dr Reddy's, HDFC Bank, VSNL and Rediff gained over 3-7% each.

Crude oil prices in the US markets moved up marginally, with the Nymex Light crude oil for December delivery moving up by 27 cents to close at $61 a barrel. In the Commodity segment, the Comex gold for December series gained $2 to settle at $734.20 a troy ounce.