Global markets to dictate trend

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 4860 and a slip below this level may see it dip further to 4800, while on the upside, the index has a key resistance at 5050. The Sensex has a likely support at 16150 and could test higher levels of 16480.

Among the indices the US indices posted loss on Friday and the Asian indices were weak in early session. While the Dow Jones declined 86 points to 12216, the Nasdaq moved down 20 points to close at 2261.

Except HDFC Bank, Infosys and MTNL, rest of the Indian floats had a strong outing on the US bourses. Rediff was the leading gainer and rose over 4% while Dr Reddy, Tata Motors, VSNL, Satyam, Patni Computers, Wipro and ICICI Bank gained over 0.30-2% each. However, HDFC Bank, Infosys and MTNL were marginally down.

Crude oil prices moved down, with the Nymex light crude oil for May 08 delivery tumbled by $1.96 to close at $105.65 a barrel. In the commodity space, the Comex gold for June series lost $17.50 to settle at $936.50 respectively.