Market may be edgy

Overnight mix trend in the US markets and a rise in several Asian indices in the ongoing trading session may help the domestic indices rebound from lower levels. However, lack of clarity in the market and higher volatility may drag down the market. Among the indices, the Nifty could test higher levels at 4600 and has a supports at 4448. The Sensex has a likely support at 14723 and may face resistance at 15000.

Except MTNL & VSNL, which soared up over marginally, all the Indian ADRs on the US bourses ended in the red. ICICI Bank was the major losers and was down by 12.84% followed by HDFC Bank, Rediff, Satyam and Patni Computers which were down by over 4-7% each. Infosys, Wipro and Tata Motors shed over 2% each, Dr Reddy's was slightly also down in negative territory.

Crude oil prices in the US market was down, with the Nymex Light Crude oil for April delivery losing $4.53 to close at $105.68 a barrel. However, in the Commodity space, the Comex gold for April 08 series gained $3.10 to settle at $1,002.60.