Market may open negative

The market is likely to remain under pressure after a sharp fall in the US market and weakness among major Asian indices in the ongoing trades. FIIs remaining net sellers in equities for last couple of sessions may help the sentiment to remain negative. Among the domestic indices, the Nifty could test lower levels of 4250 and may rise to 4350 - 4400 levels on the upside. The Sensex has a likely support at 14100 and may face resistance at 14500.

US indices fell sharply on Monday, with the Dow Jones lost tumbled 240 points to close at 11,131, the Nasdaq also ended weak with a loss of 46 points at 2264.

All Indian ADRs also had a weak outing on Monday. Rediff was the major loser amongst the ADRs and declined 10.74% followed by VSNL which tumbled 9.34% , ICICI Bank down 8.44% and Tata Motors tumbled 6.63%, while Dr Reddy, HDFC Bank, Satyam, Infosys, Wipro, MTNL and Patni Computers shed around 1-4% each.

Crude oil prices gained marginally, with the Nymex light crude oil for September delivery moved up by $1.47 to close at $124.73 a barrel. In the commodity space, the Comex gold for August series gained 90 cents to settle at $937.80 a troy ounce.