Weakness in global markets may weigh

Overnight fall in US markets and weak Asian indices in current trades likely to weigh on the local indices in early trades. The market is likely to exhibit weak trends on the back of a strong intra-day volatile moves. The sentiment is likely to remain bearish on weak global indices. Also the FIIs remaining net sellers of equities in the domestic market may see the investors remain jittery. However, the yesterday's smart rally towards the close could release some pressure. Among the local indices, the Nifty could test higher levels at 4180 and has a support at 4100. The Sensex on the downside may slip to13900 and may face resistance at 14300.

US indices finished weak on Tuesday amid concerns that the Federal Reserve may have to raise interest rates later this year. While the Dow Jones declined 130 points at 13295, the Nasdaq dropped 22 points to close at 2550 on weakness in tech stocks.

Most of the Indian ADRs battered on the US bourses. VSNL tumbled over 3% and Infosys, Satyam, Dr Reddy's, HDFC Bank, MTNL, VSNL and Patni computers fell 1-2% each. While, ICICI Bank and Rediff gained around 1% each.

Crude oil prices fell marginally, with the Nymex light crude oil for July delivery slipped by 62 cents at $65.97 a barrel. In the commodity segment, the Comex gold for August series was down by $5.90 to settle at $653.10 a troy ounce.