Market may remain volatile

After registering the gains of 200 points in the yesterdays trade, the market is likely to exhibit weak trends on the back of a strong intra-day volatile moves. The fall in US markets and mixed Asian indices in morning trades also likely to put pressure on the domestic indices. However, the FIIs have turned net buyers of equities in the last session may help the investors' sentiment remain positive. On the upside, the Nifty could test around the 2800 level and may witness support around the 2750 level. The Sensex has a likely support at 8800 and may test higher levels of 9095.

US indices fell marginally on Monday, as tech selling countered a bank share-led rally, with the Dow Jones sliding over 7 points to close at 7217 while the Nasdaq slipping by 27 points at 1404 amid weak tech stocks.

Indian ADRs had a mixed outing on US bourses. Satyam, Rediff ,Patni Computer, VSNL, HDFC Bank, Tata Motors and Infosys dropped around 1-5% each. While, ICICI Bank, MTNL, Dr Reddy, and Wipro were up around 1-7% each.

Crude oil prices in the global market moved up on Monday. The Nymex light crude oil for April series gained by $1.10 at $47.35 per barrel. In the commodity segment, the Comex gold for April delivery moved down by $8.10 to settle at $922 an ounce.