Market may remain edgy

Market may resume on a weak note as Asian markets are trading down followed by overnight fall in the US markets. Yesterday, the Sensex swung over 300 points during the intra-day trades on budgetary jitters and gained marginally which may release some pressure on investors sentiment. However, caution should be maintained on prevalence of intra-day volatility. On the positive side, FII have turned net buyers for last few sessions. Among the local indices, the Nifty may trade higher in the 3980-4010 band , while on the downside the index has a support at 3900. The Sensex has a likely support at 13568 and may face resistance at 13780.

Major US gauges ended weak on Monday as investors maintained caution over a $45 billion deal in utilities. While the Dow Jones slipped by 15 points at 12632, the Nasdaq was down by 11 points at 2505.

Indian ADRs had a mixed outing in the US bourses. MTNL gained over 2% while Satyam, Tata Motors, Rediff and Patni Computers ganined around 1% each. Among the laggards HDFC Bank declined by 2.06% and Infosys, Wipro, DR Reddy's Lab, ICICI Bank, and VSNL ended with marginal losses.

The Nymex light crude oil for April delivery rose by 25 cents to close at $61.39. In the commodity space, the Comex gold for April series moved up by $3.10 to settle at $689.80 a troy ounce.