Market to remain nervous

Nervousness in the market is likely to continue after the Sensex reported losses in yesterday's trades. Weakness in the global indices could make the investors jittery from taking any fresh position. Among the key local indices, the Nifty could decline to 4448 or 4411 on the downside while on the upside there is a near term resistance at 4536. The Sensex has a likely support at 14800 and may face resistance at 15250.

US indices ended mixed on Monday. While the Dow Jones gained by 71 points to close at 12280, the Nasdaq ended 15 point lower at 2459.

Among the eleven Indian ADRs only Dr Reddy ended in the green on the US bourses. Patni Computer & MTNL fell sharply and tumbled above 3% each. While Tata Motors, ICICI Bank, VSNL, Infosys, Wipro, HDFC Bank and Rediff computer declined over 1-2% each and rest ended with the marginal losses.

The Nymex light crude oil for July delivery slipped by $4.19 to close at $134.35. In the commodity space, the Comex gold for August series lost 90 cents to settle at $898.10 a troy ounce.