Slide may continue continue

After witnessing a slump of over 200 points in last trades, 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 bearish. Among the key domestic indices, the Nifty may get support at 4200 and may test higher levels at 4280. The Sensex has a likely support at 14150 and on the upside could test 14450 levels.

US Indices tumbled on Monday, ending at three-week lows, as the World Bank's weak outlook on global growth and a selloff in commodity prices sent investors heading for the exits. While the Dow Jones tumbling by 201 points to close at 8339. The Nasdaq declined 61 points on weak tech stocks and closed at 1766.

Except MTNL, all the Indian ADRs ended with sharp declines. Satyam plummeted 10.68%, VSNL & HDFC Bank crashed over 7% each. While, Wipro, Tata Motors, ICICI Bank, Rediff, Infosys and Dr Reddy dropped 1-6% each.

Crude oil prices fell further, with the Nymex light crude oil for July series slipped by $2.62 to close at $66.93 a barrel. In the commodity segment, the Comex gold for August delivery slumped $15.20 to settle at $921 an ounce.