Global indices may weigh

The market is likely witness volatility during intra-day trades and may succumb to selling pressure amid overnight weakness in the US indices and the bearish looking Asian indices in the ongoing trades. Among the key domestic indices, the Nifty could get support at 4800 and a slip below this level may see it dip further, while on the upside, the index has a key resistance at 4900. The Sensex has a likely support at 16160 and could test higher levels of 16470.

US indices ended mixed on Tuesday with the Dow Jones dropped by 45 points to close at 12214, the Nasdaq ended 2 points high at 2260.

Indian floats, too, witnessed selling pressure and largely ended at lower levels. VSNL tumbled over 7.20% at $23.20, ICICI Bank declined 6.70% at $46.91, Rediff down by 2.65% at $8.08, Dr Reddy moved down 2.48% at $2.48, Tata Motors lost 2.33% at $17.19 and Infosys slipped 2.04% at $37.43 while HDFC Bank, Wipro, Satyam, Patni Computers and MTNL lost around 1% each.

Crude oil prices moved up, with the Nymex light crude oil for April 08 delivery declined by $2.93 to close at $99.52 a barrel. In the commodity space, the Comex gold for April 08 series lost $17.90 to settle at $966.30 respectively.