Market may remain volatile

The market is moving in tune with international markets for last few sessions. The local indices may witness volatility following the overnight gains in the US markets and major Asian gauges like the Nikkei, the Hang Seng index, the Straits Times Index and the Jakarta index are trading in negative territory in current trades. Although the domestic indices moved up on Thursday, intra-day volatility remains the major concern. Among the local indices, the Nifty could test higher levels around the 3660 level and has a support at 3600. The Sensex on the downside may slip to 12450 and may face resistance at 12650.

In the US markets, the broader Dow Jones was up by 26 points at 12160 and the tech-heavy Nasdaq was gained seven points to close at 2379.

Among the Indian ADRs trading on the US bourses, MTNL was the major gainer by 2.3%, followed by Infosys, Wipro, Patni, VSNL, Satyam and Dr Reddy's with marginal gains, while ICICI bank registered a loss of over 2%.

Crude oil prices slipped further. While the Nymex light crude oil for April series slipped 61 cents at $57.55 a barrel. In the commodity space, the Comex gold for April delivery moved up by $4.60 to settle at $647.10 an ounce.