Market may slip further

The market is likely to remain under pressure after a fall in the US market and weakness among major Asian indices in the ongoing trades. Renewed concerns about the subprime crises could drag the market further during the intra-day trades amid sharp volatility. However, presence of strong bullish sentiment and FIIs remaining net buyers in equities for last couple of sessions may may bring some cheers to the market. The Nifty could test higher levels at 6,200 and may dip around 5,995, while the Sensex has a likely support at 19,833 and may face resistance at 21,000.

US indices had a biggest weekly decline in a month on Friday after Fed failed to assuage recession concerns. The Nasdaq slipping by 34 points to close at 2,636 amid selling in technology stocks and the Dow Jones end 178 points lower at 13,340.

Most of the Indian ADRs ended in the red on the US bourses. Infosys, Tata Motors, VSNL, Wipro, ICICI Bank, Patni Computers, MTNL and Rediff, HDFC Bank were down over 1-3% each. However, Dr Reddy's and Satyam were up around 1% each.

The Nymex light crude oil for January delivery shed 98 cents at $91.27 a barrel. In the commodity segment, the Comex gold for February series tumbled by $6 to settle at $798 an ounce.