Market may open weak

The market is likely to remain volatile on the back of weak Asian indices in current trades and a positive close in US markets. Traders may book profits on every rise after yesterday's bloodbath, which may create high volatility in the later part of the day. However, bias remains positive, investors should trade with caution as profit bookings may drag the index further down. Among the local indices, the Nifty could test 4390 on the upside and on breaching this it is likely to touch 4450 and it may slip to 4320 on the downside. The Sensex has a likely support at 14900 and may face resistance at 15135.

Major US indices rallied in the late session on Wednesday, as the Dow jumped 150 points at 13362, while the Nasdaq moved up by 8 points to close at 2554.

Except few all the Indian ADRs traded weak on the US bourses. Patni Computer received a heavy blow and tumbled 5.56% while MTNL and VSNL slipped over 2% each. Among the other laggards Infosys, Wipro, Tata Motors, HDFC Bank and Rediff were down around 1% each. However, Dr Reddy's and ICICI Bank bucked the trend and gained around 1% each.

Crude oil prices slipped further, with the Nymex light crude oil for September delivery was down by $1.68 to close at $76.53 a barrel. In the commodity space, the Comex gold for December delivery slipped by $3.40 to settle at $675.90 an ounce.