Market may open on a weak note

After consecutive two flat closes it seems market is waiting for a trigger to move either side of the zone. Most of the participants remained on the sidelines ahead of corporate result, beginning with Infosys announcing its forth quarter results tomorrow. For the last one month market is moving in tune with international markets and local indices may witness caution following the weak global indices. However, for the last few sessions FII have turned buyers of equities in the domestic market may help the sentiment turn positive. Among the domestic indices, the Nifty could test 3825 and below this level may slip to 3800, while on the upside it could edge higher to 3900. The Sensex has a likely support at 13050 and may face resistance at 13250.

US indices ended weak on Wednesday as minutes from last month's Federal Reserve meeting hinted at the need for more rate hikes. While the Dow Jones dropped by 89 points to close at 12485, the Nasdaq ended 18 points lower at 2459.

All the Indian ADRs ended in the red on US bourses. Wipro and Satyam Computers fell sharply and tumbled over 2% each, while Tata Motors, Infosys, HDFC Bank, Patni Computers and Rediff closed with the marginal losses.

The Nymex light crude oil for May delivery rose 12 cents to close at $62.01. In the commodity space, the Comex gold for June series rose by 20 cents to settle at $681.70 a troy ounce.