Fall may extend

After coming under a sharp hammering in the last hour of the yesterday's trades, the market may correct further amid sharp fall in global indices. All the Asian indices have eased in morning trades, with Nikkei and Kospi index bearing the brunt with a fall over 1% each. However, the market may find some solace in the form of a FIIs buying equities worth Rs254.60 crore on Friday. On the technical front, the Nifty should find support at 4700 and a break below this level could see it slip further to 4660, while it may test higher levels around 4800. The Sensex has a likely support at 15950 and may face resistance at 16250.

US indices fell on Monday with the Dow Jones dropped 135 points at 12504 and the Nasdaq ended 31 points lower at 2492.

Execept MTNL and Dr Reddy, rest of the Indian floats had a weak outing on the US bourses. ICICI Bank led the slump and dropped over 6.20% followed by HDFC Bank moved down 5.39% while Satyam, Tata Motors, Rediff, Infosys, Wipro, VSNL and Patni Computer tumbled over 1-3% each. However, MTNL shrugged off the weak trend and rose nearly 13.83% and Dr Reddy was up over 2.64%.

Crude oil prices raised marginally on Monday. The Nymex light crude oil for July delivery gained by 41 cents to close at $127.76. In the commodity space, the Comex gold for August series advance by $5.40 to settle at $896.90 a troy ounce.