Markets to remain shaky

After witnessing a slump in last weeks trades, the market is likely to remain shaky as global markets fell further and the FIIs remaining net sellers of equities in the local market. Although the sentiment is likely to remain bearish on weak global indices. Among the key domestic indices, the Nifty may get support at 2830 and a break below this level could see the index slip further to 2800. The Sensex has a likely support at 8740 and may test higher levels at 9050.

US indices slumped on Friday as the Dow ended lower at 7063 down 119 points, while the tech-laden Nasdaq declined to close 14 points lower at 1378.

Indian floats had a weak outing on the US bourses. Except MTNL all fell sharply. Satyam tumbled 19.25%, Rediff slipped 6.17% and Patni Computer, Tata Motors, Wipro, ICICI Bank, Dr Reddy, VSNL dropped over 1-5% each.

Crude oil prices in the international market edged lower, with the Nymex light crude oil for April delivery lost by 46 cents to close at $44.76 per barrel. In the commodity space, the Comex gold for April series declined 10 cents to settle at $942.50 a troy ounce.