Weak trend may persist

The correction witnessed by the market for last couple of sessions is likely to keep sentiment bearish. Major factors like the offloading of domestic equities by the FIIs and weakness in global indices may add pressure. Among the key indices, the Nifty may decline to 4140 while on the upside the index faces resistance in the 4200-4210 range. The Sensex has a likely support at 14000 and could test higher levels of 14270.

US indices were narrowly lower on Monday as oil jumped to its highest level in nine months in a session with no economic reports. While the Dow Jones slipped by 0.19% or 27 points at 13613, the Nasdaq was marginally down to close at 2627.

Indian floats trading on the US bourses also closed with the marginal losses. Among the major losers Wipro slipped 2.48% while HDFC Bank, MTNL, VSNL, Satyam, Infosys, Tata Motors and Patni Computers lost around 1% each. However, ICICI Bank and Dr Reddy's Lab gained around 1% each.

Crude oil prices continued to moved up, with the Nymex light crude oil for July series rising by $1.09 at $69.09 a barrel. In the commodity space, the Comex gold for August delivery flared up by $1.20 to settle at $659.90 a troy ounce.