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 sessions, buying interest may continue on the back of firm trend. Among the key local indices, the Nifty has good support around 3330-3280 levels and upside till 3430-3430 levels. The Sensex has a likely support at 10850 and may face resistance at 11150.

US indices slipped tumbled on Monday as a six-week old rally lost steam on worries about financial sector earnings, despite Bank of America's better-than-expected quarterly results. As a result
the Dow ended lower at 7842 down 290 points, while the tech-laden Nasdaq declined to close 65 points lower at 1608.

Indian floats, also, bucked the weak US market trend and ended lower. ICICI Bank and HDFC Bank lost 7.14% & 5.93% respectively, while Wipro, Tata Motors, Dr Reddy's, Infosys, Satyam, Rediff, VSNL and MTNL also lost above 2-3% each, Patni Computer however, was the only gainers amongst the ADRs and gained by 0.90% respectively.

Crude oil prices in the international market edged lower, with the Nymex light crude oil for May delivery lost by $4.45 to close at $45.88 per barrel. In the commodity space, the Comex gold for June series advanced $19.60 to settle at $887.50 a troy ounce.