Market may resume weak

The market is monitoring the global trends for further direction and the weakness across the international markets may drag down the local indices. The market may open in negative territory following the slump in Asian markets in morning trades coupled with the worries of continues offloading of domestic equities by the FIIs. After posting gains in the last session, buying interest may continue, however, intra-day volatility remains the major concern . Among the key local indices, the Nifty has good support around 4800 levels and on upside it may touch 5100 levels. The Sensex has a likely support at 16150 and may face resistance at 17250.

US indices slipped on Thursday as investors eyed the latest wave of credit market woes. The Dow ended lower at 12040 down 215 points, while the tech-laden Nasdaq declined 52 points lower at 2221.

Indian floats had a weak outing on the US bourses. HDFC Bank tanked 5.43% while Infosys, Rediff, Wipro, Dr Reddy's, ICICI Bank, MTNL, Satyam and Tata Motors dropped over 3-4%.

The dollar fell to another all-time low against the euro, which helped push oil prices to near $106 a barrel, with the Nymex light crude oil for April delivery rose by 95 cents to close at $105.47 per barrel. In the commodity space, Gold pulled back after getting closer to the $1,000 an ounce milestone in the previous session. The Comex gold for April series declined $11.40 to settle at $977.10 a troy ounce.