Weakness in global markets may weigh

US indices ended weak in yesterday's trades and tracking the same the Asian markets are also trading weak in morning trades, which may weigh on the local indices and thereafter the market could exhibit volatility during intra-day trades. However, the prevailing northbound journey and sharp fall in crude oil prices may add to the market advantage and help the sentiment turn positive. Among the domestic indices, the Nifty could test 4,065 and above this level may surge to 4,100, while on the downside it could slip to 4,000-3,960 levels. The Sensex has a likely support at 13,400 and may face resistance at 13,650.

US indices closed in negative territory on Monday with the Dow Jones dropped 57 points at 11,232, the Nasdaq fell 2 points to close at 2,243.

Among the Indian ADRs trading on the US bourses, VSNL was the major gainer by 9.26%, followed by Patni Computer up by 7.60%, ICICI Bank 2.12%, Tata Motors 2.70 and ICICI Bank 2.65% while Infosys, Wipro and HDFC Bank were up with steady gains. However, only Rediff & Dr Reddy slipped into the red.

Crude prices tumbled on Monday as the dollar gained strength and traders reacted to an apparent easing of Mideast tensions. The Nymex light crude oil for August delivery settled down $3.92 to close at $141.37 a barrel. In the commodity space, the Comex gold for August series declined $4.80 to settle at $928.80.