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 week sessions, buying interest may continue on the back of firm trend. Among the key local indices, the Nifty has good support around 4520-4460 levels and upside till 4620-4660 levels. The Sensex has a likely support at 15219 and may face resistance at 15545.

US indices slipped on Friday with the Dow ended lower at 9321 down 77 points, while the tech-laden Nasdaq declined to close 24 points lower at 1986.

Barring few select floats, most of the Indian ADRs posted loss on the US bourses. Infosys, Satyam, Wipro, Tata Motors, ICICI Bank and Dr Reddy lost nearly 1-3% each, Among the select gainers VSNL gained the most and moved up over 1.88% while HDFC Bank and Patni Computers ended with decent gains.

Crude oil prices in the international market edged lower, with the Nymex light crude oil for September delivery lost by $3.01 to close at $67.51 per barrel. In the commodity space, the Comex gold for December series declined $7.80 to settle at $948.70 a troy ounce.