Expect Indian markets to trade in positive terrain & remain firm in the near-term as signs of fresh buying are seen.

Expect Indian markets to trade in positive terrain & remain firm in the near-term as signs of fresh buying are seen. Investors are acting on positive wave looking at Govt is considering second round of cut In Petroleum Product Prices this week. The Sensex can gain further if it crosses 10,200 while downside would be limited to 9,200 for now. Indian ADRs have been performing well followed by HDFC Bank up 10%, ICICI Bank up 9%, Satyam up 6% & Tata Motors up 8%.

Intraday, pivot in the Nifty is pegged at 2888 points. Rallies need to sustain above 2968 for the continuation of the up swing. Resistance is pegged at 2992 and 3015 points while support is at 2840-2855 points. Tread with caution as the indices are likely to remain swinging and volatile

Crude is trading above the $ 40 mark after Israeli air strikes in the Gaza strip raised concerns that supplies from the West Asia, the world's largest producing region, may be disrupted.