Market may remain volatile

After witnessing a slump of over 370 points in last trade, the market is likely to remain shaky on weak global markets. Although FIIs and domestic mutual funds have been providing cushion by remaining net buyers, the sentiment is likely to remain bullish. Among the key domestic indices, the Nifty may get support at 3300 and may test higher levels at 3400. The Sensex has a likely support at 10850 and on the upside could test 11150 levels.

US Indices tumbled marginally on Tuesday, oas a stronger-than-expected consumer confidence report competed with jitters about the health of U.S. banks and the possible economic impact of swine flu. While the Dow Jones tumbling by 8 points to close at 8016. The Nasdaq declined 6 points on weak tech stocks and closed at 1674.

Except Patni Computers & VSNL, all the Indian ADRs ended negative. Rediff plummeted 4.69% and Satyam crashed 3.80% while, Infosys, Wipro, Dr Reddy, Tata Motors, ICICI Bank, HDFC Bank and MTNL dropped around 1% each.

Crude oil prices fell further, with the Nymex light crude oil for July series slipped by 45 cents to close at $49.47 a barrel. In the commodity segment, the Comex gold for June delivery slumped $14.60 to settle at $893.60 an ounce.