Nervousness may continue

After witnessing a sharp slump of 529 points in Friday's trades, the market is likely to remain shaky as global markets fell further and the FIIs remaining net sellers of equities in the local market. Although fall in Crude oil price provide cushion, the sentiment is likely to remain bearish on weak global indices. Among the key domestic indices, the Nifty may get support at 3750 and a break below this level could see the index slip further to 3700. The Sensex has a likely support at 12400 and may test higher levels at 12650.

US indices slumped on Friday with Dow ended lower at 10325 down 157 points, while the Nasdaq declined to close 29 points lower at 1947.

Indian floats had a weak outing on the US bourses. Except Wipro all fell sharply. VSNL tumbled 7.85%, ICICI Bank slipped 6.98%, Patni Computer down 3.87%, Rediff moved down 3.75%, Infosys slipped 3.27%, Satyam drop 3.59% and Dr Reddy, Tata Motors, HDFC Bank and MTNL dropped over 0.50-1% each.

Crude oil prices in the international market edged lower, with the Nymex light crude oil for October delivery decline by 9 cents to close at $93.88 per barrel. In the commodity space, the Comex gold for December series declined $11.10 to settle at $833.20 a troy ounce.