Market likely to be volatile

The market may open on a weak note as Asian indices are exhibiting a mixed trend in the morning trades followed by Friday's loss in the US markets. It may keep the market volatile. Pressure on the liquidity front because foreign institutional investors (FIIs) are net sellers of equity could make the investors jittery. On the upside, the Nifty could test the recent high around the 4190 level and may witness support around the 4090 level. The Sensex has a likely support at 13730 and may test higher levels of 13945.

US indices fell sharply on Friday with the Dow Jones tumbling 107 points to close at 11346. The Nasdaq dropped 6 points at 2316.

Indian floats largely had a mixed outing on the US bourses. Tata Motors was the major loser and declined by above 6% followed by ICICI Bank and MTNL, which lost 4.29% and 4.04% respectively. HDFC Bank, Rediff, Patni Computer and VSNL ended with steady losses. Among the gainers, Satyam, Infosys, Dr Reddy's and Wipro ended with steady gains.

Crude oil prices in the US market gained and jumped to an all-time high of $142.60 on Friday as a sell-off on Wall Street sent the Dow Jones into bear market. At the end the Nymex Light Crude oil for August 2008 delivery gained 57 cents to close at $140.21 a barrel. However, in the commodity space, the Comex gold for August 2008 series gained $16.20 to settle at $931.30.