Market may remain weak

Weakness in the market may continue further amid a slide in Asian indices and dwindling net FII inflows in the domestic market. The market will also be focusing on the global crude oil front although the crude prices has fallen in yesterday's trades. Among the local indices, the Nifty has a short term support at 3870 and may face resistance at 3935. The Sensex has a likely support at 13500 and could test higher levels of 13750.

US indices registered mix trend on Tuesday, While the Dow Jones moved down marginally by seven points at 12417, the Nasdaq was up six points at 2444.

Indian ADRs declined sharply following a slump in the domestic market. Satyam was the biggest loser amongst the ADRs and tumbled over 2.45% while Tata Motors, ICICI Bank, HDFC Bank, Dr Reddy's, Infosys, Satyam and Wipro dropped over 1% each. However, only Rediff was ended in positive territory.

In the crude oil front, the Nymex light crude oil for February series lost 45 cents to close at $55.64 per barrel. The Comex gold for february delivery gained $5.60 to settle at $615 respectively.