Market may remain volatile

The market may witness cautious trend as US indices ended nagative on yesterday and Asian indices also were exhibiting negative trends in morning trades. Although the bias remains positive, investors should maintain caution as profit-taking at higher levels may pull down the market. Among the local indices the Nifty could test 4050 on the downside while on the upper side it may move up to 4132. The Sensex has a likely support at 14000 and may face resistance at 14300.

US indices finished nagative on Wednesday. While the Dow Jones ended in negative at 12738 declined by 48 points, the Nasdaq up by 5 points at 2518.

Indian floats trading on the US bourses were traded on the lower in the morning. MTNL Bank was the lead performer and soared 1.69% while infosys declined over 1.14%. Satyam, Dr Reddy, Wipro, HDFC Bank, and Rediff lost nearly 0.50-1% each. However, ICICI Bank has advanced 1.66%, Patni Computers has moved up by 1.01% and Tata Motors and VSNL gains steadily.

Crude oil prices inched higher in the US market, with the Nymex light crude oil for March delivery adding $1.22 to close at $60.07 a barrel. In the commodity space, the Comex gold for April series fell $23 to settle at $684.