Weak global markets may dampen sentiment

A fall in US markets and major Asian indices taking a sharp dip in morning trades may pull down the domestic indices in early trades. Also, FIIs turning net sellers of equities on friday might force the inverstors to play safe, while stock-specific activity will be seen during intra-day trades. On the technical side, the Nifty could test higher levels of 4850 and 4900 and on the downside it has a support at 4680. The Sensex may face resistance at 16060 and could test lower levels of 15680.

US indices ended with sharp loss on Friday, with the Dow Jones declined 147 points to close at 11894 and the Nasdaq moving down by 8 points at 2212

All Indian ADRs trading on the US bourses closed in the red. Rediff led the pack with loss of over 7% while MTNL, VSNL, HDFC Bank, ICICI Bank, Wipro, Patni Computers, Tata Motors, Satyam and Infosys gained over 4-6% each. However, Dr Reddy's eased marginally.

The Nymex light crude oil for April 08 series declined by 32 cents at $105.15 per barrel. In the commodity space, the Comex gold for April delivery declined $2.90 to settle at $974.20 a troy ounce.