Bias may remain negative

The market is expected to remain negative with a sideways movement during intra-day trades. While the Asian indices are exhibiting a weak trend in the ongoing trades, the US markets on Friday struggled amid worries about global growth. Among the key domestic indices, the Nifty is likely to test 2840 on the downside and has a resistance at 2910. The Sensex has a likely support at 9250 and may face resistance at 9550.

US indices, closed in negative territory on Friday, While the Dow Jones lost 143 points at 8599, the Nasdaq was down 45 points at 1572.

Indian floats, barring Wipro, Dr Reddy and HDFC Bank fell sharply on US bourses. Tata Motors was the worst performer and tumbled 5.18% while Patni Computers dropped 4.14%. VSNL, Rediff, ICICI Bank and Infosys were down around 1% each. Among the gainers Wipro jumped over 1.86%, HDFC Bank was up 0.99% and Dr Reddy gained 0.52%.

The Nymex light crude oil for February delivery dropping by $0.62 to close at $41.08 a barrel. In the commodity space, the Comex gold for February series gained by 10 cents to settle at $854.60 a troy ounce.