Expect a volatile session

Asian indices slipped in the morning trades after the Fed chief Ben Bernake said that the housing recession may deepen further coupled with slowdown in the US economy and the investors holding exporter shares cannot avoid being hurt. After registering flat close in yesterday's trades, the market is likely to exhibit weak trend amid strong intra-day volatile moves. The meltdown in 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 4800 level and may witness support around the 4650 level. The Sensex has a likely support at 15900 and may test higher levels of 16500.

US indices fell on Thursday, on rising oil prices and congressional hearing from Fed Chairmen Bernake on housing recession and slowdown in US economy. The the Dow Jones sliding over 49 points to close at 13767 while the Nasdaq slipping by 12 points at 2654 amid weak tech stocks.

Indian stocks trading on the US bourses fell roughly over 1% each . Infosys and Saryam lost heavely by over 3-4%, while HDFC Bank, Wipro, MTNL, Rediff, DR Reddy's and Patni Computers were down over 1-2% each. However, Tata Motors and ICICI Bank closed with the marginal gains.

Crude oil traded near $82 a barrel in New York on the back of a storm threat in the eastern gulf of Mexico cutting US oil output. The Nymex light crude oil for October series gained by $1.39 at $83.32 per barrel. In the commodity segment, the Comex gold for December delivery moved up by $10.40 to settle at $739.90 an ounce.