Market may witness profit bookings amid volatile trades

Uncertainty is likely to prevail on rising worries about credit crises in US, lack of fund buying in the domestic market and the trend in the international indices. A sharp fall in Asian indices in the ongoing trades may see the market resume on a weak note and could slip further during intra-day trades on sharp volatility. Among the local indices, the Nifty may slip to 5650 while on the upside it could test the 6000 level. The Sensex has a likely support at 19000 and could test higher levels at 20500.

US indices slipped on worries about subprime turmoil, as the Dow Jones slumped 224 points to close at 13043 while the Nasdaq ended 68 points lower at 2628 on Friday.

With the exception of Dr Reddy's and Rediff, rest of the Indian floats fell in tune with the broader market. ICICI Bank, HDFC Bank, VSNL slipped over 4-7% while Wipro, Tata Motors, Infosys, Satyam, Patni Computers and MTNL dropped 1-3%.

The Nymex light crude oil for December delivery moved up by 86 points a barrel at $96.32 per barrel. In the commodity space, the Comex gold for December series slipped $2.80 to settle at $834.70 an ounce.