Market may open low on weak global cues

The market is likely to remain under pressure following on mixed US market and weakness among major Asian indices in the ongoing trades and it may exhibit strong volatility during the intra-day trades. However, prevailing bullish sentiment may help the market to get some buying support in initial trades. Among the key local indices, the Nifty could decline to 4670 on the downside while on the upside there is a near term resistance at 4755. The Sensex has a likely support at 15660 and may face resistance at 16200.

US indices ended mixed on Friday, with the Dow Jones tumbled by 36 points to close at 9544, the Nasdaq gained a points at 2029.

Major Indian ADRs, too, buckled under selling pressure on the US bourses. Wipro slipped 1.67%, Infosys declined 1.32% and ICICI Bank dropped 1.21% while Patni Computers, VSNL, Tata Motors and VSNL slipped marginally. However, HDFC Bank, Rediff, Satyam and Dr Reddy closed with the marginal gains.

Crude oil prices declined marginally, with the Nymex light crude oil for October series gaining by 25 cents to close at $72.74 a barrel. In the commodity space, the Comex gold for December series declined $11.50 to settle at $958.80 a troy ounce.