Weak global indices may weigh

The jitters in the global markets likely to weigh on the local indices. The U.S. government charging employees of major Wall Street banks, with securities fraud and other charges for insider trading. The effects of the same can be seen in the Asian markets. The market may open weak on subdued Asian indices in the morning trades and Friday's fall may put pressure on the investors' sentiment and thereafter could exhibit volatility during intra-day trades. Among the domestic indices, the Nifty has a support at 3700, while on the upside it could edge higher to 3740. The Sensex has a likely support at 12800 and may face resistance at 13000.

US indices ended weak on Friday. While the Dow Jones dropped by 120 points to close at 12114, the Nasdaq ended 36 points lower at 2368.

Except MTNL all the Indian ADRs were losers on the US bourses. Rediff and VSNL fell sharply and tumbled over 3% while Tata Motors and Infosys Satyam, Wipro, HDFC Bank and ICICI Bank declined over 1-2% each and Patni Computers ended with a marginal loss.

Crude oil prices eased, the Nymex light crude oil for April delivery falling by 36 cents to close at $61.64. In the commodity space, Gold hitting the 6-week low on widespread selling, while the Comex gold for April series declined $21 to settle at $644.10 a troy ounce.