Global indices may weigh

The market is likely witness volatility during intra-day trades and may succumb to selling pressure amid overnight weakness in the US indices and the bearish looking Asian indices in the ongoing trades. Among the key domestic indices, the Nifty could get support at 3930 and a slip below this level may see it dip further to 3906, while on the upside, the index has a key resistance at 3985. The Sensex has a likely support at 13625 and could test higher levels of 13780.

US indices ended weak on Monday amid fresh rise in crude oil prices and worries of rising interest rates. While the Dow Jones dropped by 158 points to close at 12122, the Nasdaq ended 54 points lower at 2406.

Indian floats, too, witnessed selling pressure and largely ended at lower levels. Rediff tumbled over 4.49% at $17.64, DR Reddy,s declined 3.61% at $16.01, Satyam Computers down by 3.28% at $22.99 and Infosys slipped 2.95% at $51.98 while MTNL, HDFC Bank, ICICI Bank and Wipro lost above 1-2% each. VSNL, however, only clocked modest gains. Patni Computers remains unchanged.

Crude oil prices moved up, with the Nymex light crude oil for January delivery rising by $1.08 to close at $60.32 a barrel. In the commodity space, the Comex gold for February series added $11.70 to settle at $647.10 respectively.