Nervousness may continue

After witnessing a slump of over 235 points in last couple trades, the market is likely to remain shaky on weak global markets. Although FIIs and domestic mutual funds have been providing cushion by remaining net buyers, the sentiment is likely to remain bearish. Among the key domestic indices, the Nifty may get support at 4180 and may test higher levels at 4300. The Sensex has a likely support at 14000 and on the upside could test 14600 levels.

US Indices tumbled on Thursday, on concerns that the Federal Reserve won't cut interest rates by the end of the year as the sales of new homes has increased. While the Dow Jones tumbling by 85 points to close at 13441. The Nasdaq declined 39 points on weak tech stocks and closed at 2538.

Except Patni Computers, all the Indian ADRs ended with sharp declines. Rediff plummeted 3.66% and VSNL crashed 3.19% while, Infosys, Satyam, Wipro, HDFC Bank and Tata Motors dropped 1-2% each.

Crude oil prices fell further, with the Nymex light crude oil for July series slipped by $1.59 to close at $64.18 a barrel. In the commodity segment, the Comex gold for June delivery slumped $9.30 to settle at $653.30 an ounce.