Market to witness another sell off

Weak global cues and heavy sell-off in Asian indices in morning trades coupled with yesterday's fall may weigh on local indices in the early trades and thereafter could exhibit volatility during intra-day trades. Caution should be exercised as the market may move in tandem with global indices which are currently under pressure on growing fears that the U.S. economy is heading for recession. However, strong optimism amongst investors could help the sentiment turn positive. On the downside, support for Nifty is at 5100 and on breaking below this level the next support is at 4950, while on the upside it could test 5260. The Sensex has a likely support at 17400 and may face resistance at 17800. Asahi India, Balaji Tele, Bank of India, Grasim, India Infoline, Lupin, Pidilite, Punjab Tractors, Sea Goa, Spice Jet, Tata Elexsi, Tata Teleservices, Tech Mahindra, united Spirits and Vijaya Bank are expected to announce their numbers.