Market may remain nervous

After witnessing a jump of over 300 points on Friday, the market is likely to remain shaky as global markets fell further on US economic concerns. Although domestic mutual funds have been providing cushion by remaining net buyers, the sentiment is likely to remain bearish on weak global indices. Among the key domestic indices, the Nifty may get support at 5,980 and a break below this level could see the index slip further to 5,675. The Sensex has a likely support at 19,500 and may test higher levels at 21,000.

US indices tanked on Friday, on weaker-than-expected December jobs report exceeding recession fears. The Dow ended lower at 12800 down 257 points, while the tech-laden Nasdaq declined to close 98 points lower at 2505.

Indian floats also silpped on the US bourses. Satyam, Wipro and HDFC Bank tumbled over 5% while, Rediff, Infosys, ICICI Bank, MTNL, VSNL, Tata Motors and Patni Computer fell around 1-4% each.

Crude oil prices in the international market slipped marginally, with the Nymex light crude oil for February delivery fell by $1.27 to close at $97.91 per barrel. In the commodity space, the Comex gold for February series declined $3.40 to settle at $865.70 a troy ounce.