Market slide may continue

Market may slide further on account of weak Asian markets in morning trades, mixed close in the US markets and continued selling pressure may also drag the domestic indices further down. The FIIs remained net sellers in equities for last couple of sessions may also weigh on the investors' sentiment. Key indices, the Nifty may get support at 4410 level and on the upside it could test higher levels at 4500. The Sensex has a likely support at 14,800 and may face resistance at 15,050.

US indices ended mixed on Monday. While the Dow Jones gained by 9 points to close at 12290, the Nasdaq ended 11 point lower at 2449.

Indian floats, however, bucked in US market and ended lower. Infosys, Wipro, Satyam, HDFC Bank, VSNL & Rediff where the heaver loser dropped over 2%, while Tata Motors, ICICI Bank & MTNL dropped nearly 1%. Dr Reddy & Patni Computers were the only gainers amongst the ADRs and gained by 0.31% & 0.65% respectively.

Crude oil prices declined sharply, with the Nymex light crude oil for July 08 delivery moved down by $3.04 to close at $131.31 a barrel. In the commodity space, the Comex gold for August series lost $26.90 to settle at $871.70 a troy ounce.