Market may exhibit strong volatility

After witnessing a strong correction last week, the market is likely to remain uncertain on the back of a strong intra-day volatile moves. The crunch in the market can be witnessed as big IPO DLF hitting the market today followed by weakness across the global equity market due to rising interest rates. However, firm Asian indices in current trades may release some pressure from local indices in morning trades. Among the local indices, in the near term the Nifty could test 4180 on the upside while on the downside the index may get support at 4100. The Sensex is likely to get support at 13900 and may face resistance at 14300.

US indices rallied on Friday, with the Dow Jones gaining 158 points to close at 13424 after falling for three straight sessions and the Nasdaq to end 32 points higher at 2574.

Most of the Indian ADRs clocked decent gains but select floats ended with moderate losses. While Satyam and Wipro gained over 3% each Infosya, ICICI Bank, HDFC Bank, MTNL, Patni Computer and Rediff were up around 1-2% each. Among the laggards Dr Reddy's, Tata Motors and VSNL declined 0.25-1% each.

Crude oil tumbled more than $2 a barrel Friday, weakened by the stock market selloff earlier this week that raised doubts about energy demand and after a storm that halted exports from Oman lost power. While the Nymex light crude oil for July series falling by $2.17 at $64.76 per barrel. In the commodity space, the Comex gold for August delivery slumped $14.90 to settle at $650.30 a troy ounce.