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 four sessions, buying interest may continue on the back of firm trend. Among the key local indices, the Nifty has good support around 3200-3150 levels and upside till 3300-3350 levels. The Sensex has a likely support at 10400 and may face resistance at 10700.

US indices slipped on Tuesday, retreating for a second straight session after a four-week advance, on worries about banks and autos and the start of the quarterly reporting period. The Dow ended lower at 7790 down 186 points, while the tech-laden Nasdaq declined to close 45 points lower at 1562.

Indian floats had a weak outing on the US bourses. Satyam and MTNL lost around 6-8% each while Wipro, HDFC Bank, ICICI Bank, Tata Motors, VSNL, Dr Reddy and Infosys dropped 0.50-3% each.
However, only Rediff closed in positive territory with the gain of 6.45%.

Crude oil prices in the international market edged lower, with the Nymex light crude oil for June delivery decline by $1.90 to close at $49.15 per barrel. In the commodity space, the Comex gold for June series advanced $10.50 to settle at $883.30 a troy ounce.