Market may slip in early trades

The market may slip initially following overnight slump in the US markets and in the major Asian indices taking a sharp dip in morning trades may pull down the domestic indices in early trades.On the technical front, the Nifty could test higher levels at 5370 and may find support at 5100, while the Sensex may face resistance at 17670 and find support at 17440.

US indices fell sharply on Friday as investors took the opportunity of booking profits. While the Dow Jones dropped 316 points at 12266, the Nasdaq declined 60 points to close at 2271.

Except MTNL, rest of the Indian ADRs bucked the positive domestic markets trend and instead fell in tune with the US indices. Satyam was the biggest loser and dropped over 6% while Infosys, Wipro, Tata Motors, ICICI Bank, HDFC Bank, Patni Computers and VSNL were down over 1-5% each.

Crude oil prices in the US market edged lower, with the Nymex light crude oil for April 08 delivery rising by 75 cents to close at $101.84 per barrel. In the commodity segment, the Comex gold for April series gained $7.50 to settle at $975 an ounce.