The gains in the US markets, decline in Yen against dollar 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 rising 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 ahead of holiday season, as investors speculated a weak dollar will make exports more competitive. While the Dow Jones added 182 points at 12981, the Nasdaq was up 34 points at 2597.
Crude oil prices rose on the New York Mercantile Exchange on speculation that OPEC won't increase production and rise in household spending may boost consumption pull down the US stockpiles as peak winter demand approaches. The Nymex light crude oil for August delivery gaining by 32 cents to close at $71.41 a barrel. In the commodity space, the Comex gold for August series declined by $3.80 to settle at $655.40 a troy ounce
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