Market may resume weak

Market lost more than 700 points in last couple of days on the back of steep fall in Chinese stock market and disappointing budgetary proposals. Also mixed Asian markets in the early trades may put pressure on the local indices. FII turning net sellers for last few sessions is the another cause of concern. However, overnight gains in the US markets may lift the investors sentiment. Among the indices, the Nifty may get support at 3670 and could test higher levels in the range of 3850. The Sensex has a likely support at 12800 and may face resistance at 13400.

US indices registered moderate gains on Wednesday on Fed chief Bernanke assuring investors that market is working well and the recent selloff hasn't altered the Fed's view on U.S. economic growth. While the Dow Jones gained 52 points to close at 12269, the Nasdaq ended 8 points higher at 2416.

Indian ADRs had a mixed outing on the US bourses. Patni computers fell sharply by 5% while, Satym Computers, Dr Reddy's, Wipro, MTNL dropped over 1% each while Rediff lost around 1%. While HDFC bank and ICICI Bank jumped by 5% and Infosys, Tata Motors and VSNL gained around 1-2%.

Crude oil prices in the global market moved up, with the Nymex light crude oil for April series rising by 25 cents at $61.39 a barrel. In the commodity segment, the Comex gold for April delivery tumbled $14.70 to settle at $672.50 an ounce.