Gains may continue

Friday's pullback and result of election may help the market advance further. Global indices are displaying a weak trend in the ongoing trades and may put some pressure on the domestic indices. However, players are maintaining their bets on almost all the sectors. Among the key local indices, the Nifty has a support at 3640 and a break below this level could see it slip further to 3600-3550, while on the upside the index could test higher level at 3710. The Sensex has a likely support at 12025 and may face resistance at 12325.
Major US indices registered loss on Friday, with the Dow Jones lost by 63 points at 8269, the Nasdaq moved down by 9 points to close at 1680.
Most of the Indian ADRs traded firm on the US bourses. Patni Computers led the pack with gains of 5.48% while Infosys, Wipro, Tata Motors, ICICI Bank and Satyam jumped over 1-4% each. Among the laggards Rediff lost 4.23%, VSNL & MTNL dropped 2% each, while Dr Reddy ends with marginal loss.
Crude oil prices raised, with the Nymex light crude oil for June delivery gaining by a cents to close at $56.35 a barrel. In the commodity space, the Comex gold for June delivery raised by $2.90 to settle at $931.30 an ounce.