Market may resume weak

The market may exhibit cautious trend after taking a dip in last two sessions. Also weak Asian market in early trades and overnight fall in the US market may weigh on the local indices. However, FII have turned buyers for last few sessions may release some pressure on the investors' sentiment. Among the local indices, the Nifty is likely support at 3770 and on the up side it may face resistance at 3900. The Sensex has a likely support at 12965 and may face resistance at 13400.

US indices ended weak on Tuesday amid concerns of housing slowdown which could spread in to broader economy and hurt the profits. While the Dow Jones moved down by 72 points to close at 12397, the Nasdaq ended 18 points lower at 2437.

Except Patni Computers all Indian ADRs registered a fall on the US bourses. ICICI Bank tumbled nearly 3% and Rediff and Infosys declined over 2%, while Tata Motors, MTNL, HDFC Bank, Dr Reddiy's, Satyam and Wipro lab lost marginally.

The Nymex light crude oil for May delivery rose marginally to close at $62.93. In the commodity space, the Comex gold for April series declined $1.40 to settle at $662.50 a troy ounce.