Market may witness a pull-back

The market is likely to witness a pull-back on the back of firm Asian markets in ongoing trades and overnight gains in the US markets may help the market to remain firm. However, presence of sharp intra-day volatility and lack of clarity may drag the market down. Among the indices, the Nifty could test higher levels at 4385 - 4420 and has a supports at 4315 and 4280. The Sensex has a likely support at 14,700 and may face resistance at 15,100.

US indices bounced back sharply after Friday's fall on speculation that the Federal Reserve will offer some comfort to jittery investors at its policy meeting on Tuesday in light of the recent woes in the subprime, credit and housing markets. While the Dow Jones flared up by 287 points at 13,469, the Nasdaq climbed 36 points at 2,547.

Barring few, rest of the Indian floats had a good day on the US bourses. MTNL jumped 5.19% and HDFC Bank surged by 4.3%, while Dr Reddy's, Tata Motors, ICICI Bank, Satyam and Rediff gained over 1-2% each. However, Wipro and Patni Computer slipped around 1% each.

Crude oil prices in the US market edged lower, with the Nymex light crude oil for September delivery down by $3.42 to close at $72.06 per barrel. In the commodity segment, the Comex gold for December series dropped by $1.10 to settle at $683.30 an ounce.