Market may remain volatile

Market may open on a weak note as Asian indices are trading in the mix in morning trades followed by overnight loss in the US markets may keep the market volatile. Pressure on the liquidity front due to FIIS are net sellers of equity could make the investors jittery. On the upside, the Nifty could test the recent high around the 4750 level and may witness support around the 4675 level. The Sensex has a likely support at 15670 and may test higher levels of 16110.

US indices finished on a negative note on Wednesday, with the Dow Jones loosing 101 points to close at 12403 while the Nasdaq slipping by 11 points at 2480 amid weak tech stocks.

Losers outpaced the gainers among the Indian stocks trading on the US bourses. Among the major losers Dr Reddy's, HDFC Bank, Infosys and Satyam lost above 2-3% each while Tata Motors, ICICI Bank, VSNL and Patni Computers fell around 1% each, However Dr Reddy, MTNL and Rediff were marginally up.

Crude oil prices in the global market declined yesterday. The Nymex light crude oil for July series slipped by $1.06 at $126.70 per barrel. In the commodity segment, the Comex gold for August delivery lost by $11.50 to settle at $885.50 an ounce.