Market may remain edgy

While encouraging earnings from several companies helped the market register gains in yesterday's trades, the sentiment is expected to be driven by earnings expectations and movement in the global indices. The market is likely to resume on a weak note as US Markets are down nearly by a percent in the overnight trades followed by mixed Asian indices in morning trades . However, the current net inflow from the funds remains a cause of concern as institutional investors remained shy for last couple of days and expectations of decent quarterly earnings could make the investors jittery but fall in international crude oil prices could ease the pressure.

On the upside, the Nifty could test its all-time high around the 4140 level and may witness support around the 4070 level. The Sensex has a likely support at 14120 and may test higher levels of 14260. Among the major results SBI, Bharti Airtel, Tata Moters , Gitanjali Gems and Cipla are expected to announce their numbers.

Worries of corporate earnings and heavy selling in technology stocks took the toll on the key US bourses on Monday. While the Dow Jones slipped by 88 points at 12477, the Nasdaq slumped 20 points to close at 2431.

Most of the Indian ADRs barring few closed in the red on the US bourses. Rediff slumped 4.88% and Dr Reddy's lab declined over 2.37% and ICICI Bank, HDFC Bank, Patni Computers, MTNL closed with the marginal losses. However, VSNL gained 1.48%, Tata Moters advanced 1.24% , and Wipro added 1.25% and Infosys moved up 1.09% .

Crude oil prices in the global market extended their downward trend, with the Nymex light crude oil for February series slipping 86 cents at $51.13 a barrel. In the commodity space, the Comex gold for February delivery moved down by $2.30 to settle at $634.10 a troy ounce.

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