US Markets will weigh in

The market may remain cautious amid weakness in several Asian indices and overnight fall in the US markets. Major Asian indices like Nikkei, Hang Seng, Kospi and Jakarta are trading with steep losses in morning trades and may drag down the market in early trades. On the technical front, the Nifty in the short term could test 4855 on the upside and has a support in the 4700-4665 range. The Sensex may face resistance at 15900 and could test lower levels at 15550.
US indices eased on Friday amid renewed inflation concerns. While the Dow Jones, which had closed above 12000 on Thursday, dropped 195 points at 11951, the Nasdaq shed 51 points to close at 2212.
Barring, Patni Computers, rest of the Indian ADRs ended in the red. MTNL was the biggest loser and tumbled 8% while ICICI Bank, HDFC Bank, and Wipro dropped over 3% each. Other laggards like Infosys, Satyam, Dr Reddy's, Tata Motors, Rediff and VSNL were down over 1% each. However, Patni Computers rose nearly 2.69%.
Crude oil prices moved down, with the Nymex light crude oil sliding by 12 cents to close at $110.21 a barrel. In the commodity space, the Comex gold gained $6.20 to settle at $1000 an ounce.