Market may open negative

The market is likely to remain under pressure after a sharp fall in the US market and weakness among major Asian indices in the ongoing trades. However, FIIs remaining net buyers in equities for last couple of sessions may help the sentiment to turn positive. Among the domestic indices, the Nifty could test higher levels of 4600 and may dip to 4500 - 4440 levels on the downside. The Sensex has a likely support at 15300 and may face resistance at 15750.

US indices fell sharply on Friday, with the Dow Jones lost nearly 150 points on the back of weak earning news and continued housing fears. The Dow tumbled 150 points to close at 13851, the Nasdaq also ended weak with a loss of 32 points at 2688.

Indian ADRs also had a weak outing on Friday. MTNL was the major loser amongst the ADRs and declined 5.02% followed by VSNL which tumbled 3.73%, while Tata Motors, Patni Computer, Rediff, Infosys, Wipro and HDFC Bank shed around 1-2% each. However, Satyam gained 3.36% and Dr Reddy's Lab closed with the marginal gains.

Crude oil prices moved down, while the Nymex light crude oil for August series went down by 35 cents at $75.57 a barrel. In the commodity segment, the Comex gold shot up by $6.60 to settle at $684.70 an ounce.