Market may remain volatile

After witnessing a sharp intra-day volatile trend due to lack of clarity may see the market remain edgy and move on the either side of the zone. Overnight fall at the US markets coupled with a bearish Asian indices trend in the present trades could drag down the local indices in early trades. The Nifty could test higher levels at 4030 and may find supports at 4000 or 3976, while the Sensex has a likely support at 13850 and may face resistance at 14028.

US indices slipped for the second straight session on Thursday ended with modest losses. While the Nasdaq declined 18 points to 2428, the Dow Jones was down 31 points at 12278.

Indian floats largely had a mixed outing on the US bourses. Tata Motors was the major gainer and rose 2.72% followed by Dr Reddy's soars 1.68%, ICICI Bank, MTNL and VSNL ended with steady gains. Among the laggards Rediff and Satyam computers slumped over 2% each while Satyam and HDFC Bank, were down over 1% each. However, Infosys and Patni Computers remained unchanged.

Crude oil prices in the overseas market gained with the Nymex light crude oil for January series advanced by 30 cents to close at $62.49 a barrel and the London Brent crude raised by 62 cents at $59.46 per barrel. In the commodity space, the Comex gold for February delivery gained by $1.10 to settle at $637 respectively.