Weak asian markets may weigh

After taking a small dip of 30 points in yesterday's trades, the market may remain cautious amid weakness in several Asian indices. However the European & US markets ended with marginal gains. Major Asian indices like Nikkei, Kospi, Straits Times and Jakarta are trading with steep losses in morning trades and may drag down the market in early trades. On the technical front, the Nifty in the short term could test 3860 on the upside and has a support in the 3755-3780 range. The Sensex may face resistance at 13258 and could test lower levels at 13020.

U.S. indices rallied on Tuesday, with the Dow Jones reaching the all-time high by adding 51 points to close at 12157, as investors bet midterm elections would leave U.S. government gridlocked, maintaining business-friendly policies, while the Nasdaq added 10 points to close at 2376.

Barring, few all the Indian ADRs ended in the red. Rediff was the biggest loser and tumbled over 3% while Tata Motors, MTNL, VSNL, ICICI Bank, Dr Reddy's and Satyam dropped marginally below 1% each. However, Infosys rose aove 1%. HDFC Bank, Wipro and Patni Computers ended with marginal gains.

Crude oil prices moved down, with the Nymex Light Crude oil for December delivery dropping $1.09 to close at $58.93 a barrel, while the London Brent crude gained $0.60 to close at $59.75 per barrel. In the commodity space, the Comex gold for December series declined $0.20 to settle at $627.70 an ounce.

On Nov 06 2006, FIIs were net buyers of stocks to the tune of Rs422.90 crore (purchases worth Rs1,907.40 crore and sales of Rs1,484.60 crore) while domestic mutual funds were net buyers of stocks to the tune of Rs164.30 crore (purchases worth Rs575.52 crore and sales of Rs411.22 crore).