Market may remain volatile

Lack of clarity in the market, weak Asian indices and sharp intra-day volatility may hold the investors from taking any fresh position. However, overnight gains in the US markets and growth in the fund inflows in the past few sessions may add to the market advantage and help the sentiment turn positive. In the domestic market, the Nifty could face resistance around 4250, while on the downside it has a support at 4170. The Sensex has a likely support at 14372 and may face resistance at 14600.

US indices closed with the marginal gains on Tuesday. While the Dow Jones moved up 5 points at 12666, the Nasdaq declined by 0.89 points to close at 2471.

Indian ADRs, barring few moved up on US bourses. ICICI Bank, Satyam, Wipro, HDFC Bank, Tata Motors and Rediff jumped over 1% each. Among the laggards VSNL shed over 3% while Dr Reddy's, Infosys, MTNL and Patni Computers were down around 1% each.

Crude oil prices gained marginally in the international market. The US light crude oil for March delivery moved up 14 cents to settle at $58.88 per barrel. In the commodity segment, the Comex gold flared up by $2.60 to close at $658.70 a troy ounce.