Weak global indices indicate negative open

Overnight fall in US and European indices coupled with steep fall in Asian markets in morning trades may weigh on the local indices in early trades and thereafter could exhibit volatility during intra-day trades. However, the prevailing north-bound journey and strong fund inflows in the past few sessions may add to the market advantage and help the sentiment turn positive. Among the domestic indices, the Nifty could test 4280 on down side, while on the upside it could edge higher to 4350. The Sensex has a likely support at 14570 and may face resistance at 15040.

US indices tumbled on Tuesday after the minutes from the Federal Reserve policy meeting didn't assure any measure to tackle the problem of weak housing, consumer confidence reports and ongoing credit and mortgage market worries. While the Dow Jones dropped by 280 points to close at 13042, the Nasdaq ended 61 points lower at 2501.

Crude oil prices slipped marginally. The Nymex light crude oil for October series was down by 24 cents to close at $71.73. In the commodity space, the Comex gold for December series declined $2.70 to settle at $676.20 a troy ounce.