Market may remain volatile

After witnessing a sharp intra-day volatile trend due to lack of clarity may see the market remain edgy and move on the either side of the zone. Ongoing negative trend at the Asian markets and rise in crude oil prices could drag down the local indices in early trades. The Nifty could test higher levels at 4150 and may find supports at 4070 or 4040, while the Sensex has a likely support at 13400 and may face resistance at 13700.

US indices rallied Thursday on news that a group of key lawmakers have essentially agreed on terms of the $700 billion bank bailout plan, following days of heated debate. The Nasdaq advanced 31 points to 2187, the Dow Jones was up 197 points at 11022.

All of the Indian ADRs traded firm on the US bourses except ICICI Bank. VSNL led the pack with gains of 16.94% followed by Rediff oared by 6.05% and Wipro advanced 5.39%. While MTNL, Satyam, Infosys and Dr Reddy gained around 1-4% each. However, Tata Motors, HDFC Bank and Patni Computers ended with marginal gains.

Crude oil prices in the overseas market gained with the Nymex light crude oil for October series advanced by $2.29 to close at $108.02 a barrel and in the commodity space, the Comex gold for December delivery lost by $13 to settle at $882 respectively.