Outlook remains weak

Fears over inflation nearing to its two years high and the Sensex losing over 1000 points in the last three weeks may keep the bias negative. The market is also worried about the Union budget, which is expected to remain populist and profit booking on any rise is also cause of concern which may keep the market volatile. Mixed Asian markets in the morning trades also likely to keep pressure on investors sentiment. Among the domestic indices, the Nifty could test 3900 and below this level may slip to 3850, while on the upside it could edge higher to 4050. The Sensex has a likely support at 13568 and may face resistance at 13780.

The Nymex light crude oil for April delivery rose 19 cents to close at $61.14. In the commodity space, the Comex gold for April series gained $3.70 to settle at $686.70 a troy ounce.