Market may correct further

After crashing over 700 points in yesterday's trades the weakness in the market may continue. A slide in Asian indices and sudden fall in the FII inflows in the domestic market may also see the market fall further. The market is also focusing on the SEBI's move on P-Note issue and that may keep investors away from taking fresh positions. Among the local indices, the Nifty may slip to 5100 while on the upside it could test the 5506 level. The Sensex has a likely support at 17300 and could test higher levels at 18494. On the results front Ambuja Cement, Asian Paints, Bajaj Auto, Great Eastern Shipping, ICICI Bank, Tech Mahindra and Wipro are scheduled to announce their numbers.

US indices closed flat on Thursday on weak earnings from Bank of America and another spike in oil prices. While the Dow Jones slipped by four points at 13889, the Nasdaq gained seven points to close at 2799.

Indian floats trading on the US bourses had a mixed outing. Among the major losers Tata Motors, ICICI Bank, HDFC Bank, Rediff and Patni Computers fell over 0.5-1% each. Infosys, Wipro, Satyam, Dr Reddy's, MTNL and VSNL gained over 1-2% each.

Crude oil prices moved up, with the Nymex light crude oil for November series rising by $2.07 at $89.47 a barrel. In the commodity space, the Comex gold for December delivery flared up by $6.40 to settle at $768.70 a troy ounce.