Market may remain edgy

The market is likely to witness volatility as European market ended on positive side and major Asian gauges like the Nikkei, the Hang Seng index, the Straits Times Index and the Jakarta index are in positive territory in current trades and while us Market closed on flat note may rise the indices in early trades. However, intra-day volatility remains the major concern. Among the domestic indices, the Nifty may slip to 3995, while on the upside it could edge higher to 4090. The Sensex has a likely support at 13400 and may face resistance at 13660.

U.S. stocks ended flat on Monday with the Dow Jones gained by 4 points to close at 11350, the Nasdaq ended negative at 2293 down 23 points.

Most of the Indian ADRs trading on the US bourses closed in the green. Rediff led the pack with gains of 21.41% followed by Dr Reddy and VSNL both of which gained around 2%. Wipro, Infosys, Tata Motors and HDFC Bank gained marginally. Patni Computer however declined sharply lost 6.26% while Satyam, ICICI Bank and MTNL eased marginally.

Crude oil prices moved down marginally, with the Nymex light crude oil for August delivery declining by 21 cents to close at $140 a barrel. In the commodity space, the Comex gold for August 2008 series lost $3 to settle at $928.30.