The market may remain volatile

The market may witness cautious trend as US indices ended down on Friday and Asian indices are exhibiting mix trends in the morning trades. Investors should maintain caution as profit taking at higher levels may pull down the market. Among the local indices the Nifty could test 2750 and 2700 on the downside while on the upper side it may move up to 2850. The Sensex has a likely support at 9250 and may face resistance at 9550.

Stocks slipped on Friday, with the Dow Jones ended in a negative at 8497 declined by 338 points, the Nasdaq down by 80 points at 1517.

All the Indian ADRs fell in tune with the broader market. Wipro led the slump and tumbled 13.36% followed by VSNL (down 9.66%), Satyam (down 9.68%) and Patni Computers (down 8.21%). while Infosys, Rediff, Dr Reddy's, Tata Motors, ICICI Bank, HDFC Bank and MTNL slipped by over 2-6% each.

U.S. crude declined further on Friday with the Nymex light crude oil for December delivery down $1.20 to close at $57.04 a barrel. In the commodity space, the Comex gold for December series gained $37.50 to settle at $742.50.