Market may be edgy

Overnight marginal gain in US markets and a sharp rise in several Asian indices in the ongoing trading session may help the domestic indices to gain further. However, lack of clarity in the market and higher volatility may drag down the market. Among the indices, the Nifty could test higher levels at 4635 and has a supports at 4535 and 4490. The Sensex has a likely support at 15135 and may face resistance at 15550.

US indices exhibited a mixed trend on Monday, with the Dow Jones moving down by 38 points to close at 12269 and the Nasdaq gaining 20 points to close at 2475.

Indian ADRs were largely mixed on the US bourses. Rediff jumped nearly 3.62%, Patni Computer, MTNL, ICICI Bank and HDFC Bank ended with modest gains. while Tata Motors, Dr Reddy, VSNL and Satyam ended with loss of around 1-3%. However, Infosys & Wipro slipped marginally.

Crude oil prices in the US market was marginally down, with the Nymex Light Crude oil for July 08 delivery lost 25 cents to close at $134.61 a barrel. However, in the Commodity space, the Comex gold for August 08 series gained $13.20 to settle at $886.30.