Market may exhibit volatility

Mixed Asian markets in opening trades and negative close in US market may hold the investors from taking any fresh positions. However, the market witnessed a solid pull back on yesterday may help the market to move northwards. Among the indices, the Nifty could test higher levels around the 3,160, while on the downside it has a key support at 3,080. The Sensex has a likely support at 10,125 and may face resistance at 10,425.

Us indices moved down on Mondayas investors digested President-elect Barack Obama's stimulus plan, monthly auto sales and surging oil prices. While the Dow Jones lost 82 points at 8953, the Nasdaq slipped by 4 points at 1628.

Crude oil prices are moving up further, while the Nymex light crude oil for February delivery rose by $2.47 to close at $48.81 a barrel. In the commodity segment, the Comex gold for December series lost by $21.70 to settle at $857.80 an ounce.