Market may move in tune with global markets

Firm US and European indices coupled with positive Asian markets in morning trades may weigh on the local indices in early trades and thereafter could exhibit volatility during intra-day trades. Bullish trend in the market is likely to continue after a steep rise on Friday. However, the prevailing high intra-day volatility may keep the sentiment cautious. Among the domestic indices, the Nifty could test 4850 and breaching this resistance it may test 4900 while it has a support at 4625. The Sensex has a likely support at 15700 and may face resistance at 16650.

US indices rallied on Friday, capping off a strong week driven by the first interest rate cut from the Federal Reserve in more than four years. While the Dow Jones gained by 53 points to close at 13280, the Nasdaq ended 17 points up at 2671.

Crude oil prices dropped marginally on Friday. The Nymex light crude oil for November delivery slipped by 16 cents to close at $81.62. In the commodity space, the Comex gold for December series declined by a dollar to settle at $738.90 a troy ounce.