Market may remain cautious

The market may exhibit cautious trend after taking a strong dip in yesterday's trades. And also on the negative side, FIIs have turned net sellers of equities in the last sessions and the Asian indices are trading higher in current trades. Among the local indices Nifty could rise to 3885 or 3900 level on the upside while it has a crucial support at 3800 on the downside. The Sensex has resistance at 13450 and support at 13310.

US indices registered gains, while the Dow Jones closed above the level at 12328, up 21 points, while the Nasdaq moved up by 6 points to close at 2443.

One Indian ADRs ended positive out of 11 floats trading on the US bourses. Rediff advanced 1.27% however, among the major loser VSNL declined 5.23% and Wipro shed 3.04%, Infosys, Satyam, ICICI Bank, HDFC Bank, Patni Computers, MTNL and Tata Motors lost over 1-2% each while, Dr Reddy's was marginally down.

In the commodity segment, the Comex gold for the February adavnced $3.80 to settle at $634.80 an ounce. The Nymex light crude oil for January delivery declined 81 cents to close at $61.22 a barrel, while the London brent crude was up 62 cents at $59.46 per barrel.