Market may remain nervous

Market may resume on firm note after the Sensex reported profit of around 500 points in the last session. Major hike in crude oil price, mixed asian indices and major funds resorting to selling of equities in the last session could make the investors jittery from taking any fresh position. Among the key local indices, the Nifty could decline to 4270 - 4200 on the downside while on the upside there is a near term resistance at 4350. The Sensex has a likely support at 14150 and may face resistance at 14450.

US indices ended positve on Wednesday on the back of strong financial reports, rising consumer confidence and falling oil prices. While the Dow Jones gained by 186 points to close at 11,584, the Nasdaq was up marginally by 10 points at 2330.

Major Indian ADRs, too, buckled under selling pressure on the US bourses. Patni Computer led the slump and tumbled 4.93% while Tata Motors declined 4.73%. Dr Reddy, HDFC Bank, ICICI Bank, Infosys, Satyam and Rediff lost over 0.17-2% each. However, MTNL and VSNL gained above 3%.

Crude oil prices advanced sharply after a surprise decline in the nation's gasoline stockpile, and a forecast from Goldman Sachs that said crude could hit $149 a barrel by year's end. The Nymex light crude oil for September series raising by $4.58 to close at $126.77 a barrel. In the commodity space, the Comex gold slumped $14.10 to settle at $912.30 a troy ounce.

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