Market may remain under pressure

Except Heng Seng most of the major Asian indices are currently trading in the red and overnight fall in the US indices is likely to weigh on the investors sentiment. The FIIs are also remained net sellers in equities in previous trades and the prevalence of sub-prime woes may also add pressure on local indices. Among the key indices, the Nifty may decline to 4350 while on the upside the index faces resistance in the 4400-4440 range. The Sensex has a likely support at 14700 and could test higher levels of 15140.

US indices finished weak on Monday amid concerns of economic growth. While the Dow Jones declined three points at 13237, the Nasdaq dropped three points to close at 2542 on weakness in tech stocks.

Indian ADRs had a mixed outing on US bourses. MTNL, VSNL, Patni computers and Rediff slipped 1-2% each. However, Wipro surged 2.92% while, Infosys, Satyam, Dr Reddy's, ICICI Bank, HDFC Bank and Tata Motors gained around 1- 2% each.

Crude oil prices moved up, with the Nymex light crude oil for September delivery gaining by 15 cents at $71.62 a barrel. In the commodity segment, the Comex gold for December series fell by 70 cents to settle at $680.90 a troy ounce.