Market may resume weak

The market is monitoring the international markets for further direction and the weakness across the global markets may drag down the local indices. The market may open in negative territory following the slump in Asian markets in morning trades. However, after posting significant gains in last five sessions, buying interest may continue on the back of firm trend. Among the key local indices, the Nifty has good support around 3050-3000 levels and upside till 3150-3200 levels. The Sensex has a likely support at 9900 and may face resistance at 10200.

US indices slipped on Friday with the Dow ended lower at 7776 down 148 points, while the tech-laden Nasdaq declined to close 42 points lower at 1545.

Indian floats had a weak outing on the US bourses. Infosys, Satyam, Wipro, HDFC Bank, Patni Computer, ICICI Bank and Dr Reddy lost around 1.7% each while Tata Motors, MTNL and Rediff gained 3-8% each.

Crude oil prices in the international market edged lower, with the Nymex light crude oil for May delivery lost by $1.96 to close at $52.38 per barrel. In the commodity space, the Comex gold for June series declined $16.90 to settle at $925.30 a troy ounce.