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 seven sessions, buying interest may continue on the back of firm trend. Among the key local indices, the Nifty has good support around 3340-3300 levels and upside till 3420-3460 levels. The Sensex has a likely support at 10800 and may face resistance at 11100.

US indices slipped on Tuesday with the Dow ended lower at 7920 down 138 points, while the tech-laden Nasdaq declined to close 28 points lower at 1626.

Indian floats had a weak outing on the US bourses. Except MTNL & VSNL all fell sharply. Satyam tumbled 11.11%, Tata Motors & ICICI Bank slipped above 4% and Wipro, Patni Computer, Infosys, Dr Reddy, HDFC Bank, Rediff dropped over 1-3% each.

Crude oil prices in the international market edged lower, with the Nymex light crude oil for May delivery lost by 64 cents to close at $49.41 per barrel. In the commodity space, the Comex gold for June series declined $3.80 to settle at $892 a troy ounce.