Market may move in tune with global markets

Overnight fall in US and European indices coupled with subdued Asian markets in morning trades may weigh on the local indices in early trades and thereafter could exhibit volatility during intra-day trades. Nervousness in the market is likely to continue following a slump in the yesterday's trades after a seep rise. However, the prevailing bullish trend may add to the market advantage and help the sentiment turn positive. Among the domestic indices, the Nifty could test 4050 and below this level next support is in 4040-4025 range, while on the upside it could edge higher to 4085. The Sensex has a likely support at 13700 and may face resistance at 14300.

US indices ended weak on Thursday, as investors eyed higher oil prices, weak economic news and lackluster April retail sales. While the Dow Jones dropped by 148 points to close at 13215, the Nasdaq ended 43 points lower at 2534.

All Indian ADRs had a weak outing on the US bourses. MTNL fell sharply and tumbled around 4% and ICICI Bank by 3% while Tata Motors, Infosys Patni Computers, Satyam, Wipro, HDFC Bank and Rediff declined over 1-2% each.

Crude oil prices gained strength. The Nymex light crude oil for June delivery rose by 23 cents to close at $61.81. In the commodity space, the Comex gold for June series declined $15.50 to settle at $667 a troy ounce.