Market may remain volatile

After registering the gains of 305 points in the last week, the market is likely to exhibit weak trends on the back of a strong intra-day volatile moves. The meltdown US markets and mixed Asian indices in morning trades also likely to put pressure on the domestic indices. However, the FIIs have turned net buyers of equities in the last session may help the investors' sentiment remain positive. On the upside, the Nifty could test around the 4325 level and may witness support around the 4200 level. The Sensex has a likely support at 14400 and may test higher levels of 14600.

US indices fell sharply on Friday, as subprime woes reemerged and investors remained nervous over rising interest rates, with the Dow Jones sliding over 186 points to close at 13360 while the Nasdaq slipping by 28 points at 2589 amid weak tech stocks.

Indian stocks trading on the US bourses fell roughly 1% each . HDFC Bank, Tata Motors, Infosys, Satyam, Wipro, MTNL, Rediff and Patni Computers were down over 1-1.50% each. However, DR Reddy's and ICICI Bank closed with the marginal gains.

Crude oil prices in the global market moved up on Friday. The Nymex light crude oil for August series gained by 49 cents at $69.14 per barrel. In the commodity segment, the Comex gold for August delivery moved up by $2.80 to settle at $657an ounce.