Market may resume weak

The market may exhibit cautious trend after taking a strong dip on Friday. Also major Asian gauges like the Hang Seng index, the Kospi index, Straits Times and the Jakarta index have declined in current trades and may drag down the indices in early trades. Among the local indices, the Nifty has an intra-day support at 4073 and on a break below 4073 the next support is at 4060. On the upside there is a resistance at 4100. The Sensex has a likely support at 13800 and may face resistance at 14050.

Key announcements like Alstom Projects, Amtek Auto, Andhra Bank, Bharat Electrical, Castrol, CESC, Gateway Distripark, Gemoet, GHCL, Gujarat Gas, HLL, JSW Steel, Moser Baer, Mphasis, Nestle, Proctor & Gamble, Reliance Communication, Sterlite Optical, Triveni Engineering, Vijaya Bank are expected to announce their figures.

US indices rose on Friday, with robust earnings pushing the blue-chip Dow Jones index to its third straight record close even as data showed the economy grew in the first quarter at its slowest pace in four years. The index gained 15 points to close at 13121 while the Nasdaq ended three points higher at 2557.

However, Indian ADRs were largely weak on the US bourses. Tata Motors and ICICI Bank dropped over 2% each while HDFC Bank, MTNL, VSNL, Dr Reddy's, Satyam, Wipro and Infosys were down around 1% each. Patni Computers and Rediff, however, ended with modest gains.

Crude oil prices in the global market moved up, with the Nymex light crude oil for June series rising by $1.40 at $66.46 a barrel. In the commodity segment, the Comex gold for June delivery surged $3.80 to settle at $681.80 an ounce.