Market may resume weak

Market is likely to resume weak after central bank surprised the market investors by hiking the repo rate and cash reserve ratio on Friday, around three weeks before the annual policy statement. This RBI's move may have a negative impact on the Sensex shares, but banking and real estate shares are expected to hit the most. However, firm Asian markets in current trades and a positive close in the US markets may release some pressure on the domestic indices. Among the local indices Nifty has a resistance within the 3830-3850 range and has a support at 3770 while, the Sensex has a support at 12800 and the resistance at 13100.

Major US indices registered marginal gains on Friday. While the Dow Jones moved up by six points at 12354, the Nasdaq moved up by four points to close at 2422.

Crude oil prices eased, with the Nymex light crude oil for May delivery falling by 16 cents to close at $65.87 a barrel. In the commodity space, the Comex gold for June delivery gained $1.40 to settle at $669 an ounce.