May start buoyant

The benchmark indices, Sensex and Nifty, are expected to commence on a firm note and witness significant rally during intra-day trades, as international markets backed by firm US and Asian indices may help the sentiment remain buoyant. Among the Asian majors, Nikkei Index has surged 1% while Hang Sang & Strait Times Index has scaled up nearly 1% each. On the technical front, the Nifty could test in the 4620-4670 range on the upside and has supports in the 4510-4460 range, while the Sensex has a likely support at 15200 and may face resistance at 15500.

US indices ended mixed on Friday with the Dow Jones gained 24 points at 9093, the Nasdaq shed 8 points to close at 1966.

Most of all the Indian ADRs traded firm on the US bourses. Tata Motors led the pack with gains of 6.65% while MTNL, Satyam and Dr Reddy gained around 1-4% each. However, Infosys, Wipro and Patni Computers ended with marginal gains. While ICICI Bank, HDFC Bank, Rediff and VSNL closed with loss of 1-5%.

Crude oil prices in the US market gained, with the Nymex light crude oil for September delivery advance by 89 cents to close at $68.05 per barrel . In the commodity segment, the Comex gold for August series lost $1.70 to settle at $953.10 a troy ounce.