Weak global indices may weigh on sentiment

The market is likely to remain under pressure following an overnight fall on the US market and weakness among major Asian indices in the ongoing trades. Intra-day volatility may also weigh on the sentiment. Among the key local indices, the Nifty has a key support at 5750 and a slip below this level could see it test lower levels around 5650, while on the upside the index could test 5950. The Sensex has a likely support at 19000 and may face resistance at 20500.

US indices suffered one of its biggest declines of the year on Thursday after a Citigroup downgrade reminded that the credit crisis is still lingering. While the Dow Jones dropped 362 points to close at 13588, the Nasdaq ended 64 points lower at 2795.

Crude oil prices inched lower, with the Nymex light crude oil for December delivery slipping by $1.04 at $93.49 a barrel. In the commodity segment, the Comex gold for December series slumped $1.60 to settle at $793.70 an ounce.