Market may remain volatile

The market may witness cautious trend as US indices ended on a flat note yesterday and Asian indices are exhibiting upward trends in morning trades. Although the bias remains positive, investors should maintain caution as profit-taking at higher levels may pull down the market. Among the local indices the Nifty could test 4740 and 4660 on the downside while on the upper side it may move up to 4840. The Sensex has a likely support at 15700 and may face resistance at 16000.

US indices finished on a flate note on Tuesday. While the Dow Jones ended in positive at 12626 advanced by 20 points, the Nasdaq up by 2 points at 2363.

Indian floats trading on the US bourses were traded mixed. Satyam was the lead performer and soared 4.21% while infosys VSNL over 4%. Infosys, Dr Reddy, MTNL and Patni Computer gained nearly 1% each. However, Wipro, Tata Motors, ICICI Bank, HDFC Bank, and Rediff ended with steady losses.

Crude oil prices inched higher in the US market, with the Nymex light crude oil for May 08 delivery moved down $1 to close at $103.83 a barrel. In the commodity space, the Comex gold for June series gained $9.50 to settle at $909.70.