Market may remain volatile

The market is moving in tune with international markets for last few sessions. The local indices may witness volatility following the overnight gains in the European markets and major Asian gauges like the Nikkei, the Hang Seng index, the Straits Times Index and the Jakarta index are trading in mixed territory in current trades. Although the domestic indices moved up on Monday, intra-day volatility remains the major concern. Among the local indices, the Nifty could test higher levels around the 4215 level and has a support at 4100. The Sensex on the downside may slip to 13700 and may face resistance at 14055.

In the US markets, the broader Dow Jones was down by 29 points at 11467 and the Nasdaq was lost three points to close at 2280.

Indian ADR's had a mixed outing on the US bourses. Satyam was the major loser and tanked 5.22% while Dr Reddy, Wipro and Infosys slumped over 2-4% each. ICICI Bank and MTNL ended with steady loss However, Rediff jumped by 4.58% and Patni Computer surged over 2.13% while HDFC Bank, Tata Motors andVSNL ended with the marginal gains.

Crude oil prices gained marginally, with the Nymex light crude oil for August delivery moved up by $2.16 to close at $131.04 a barrel. In the commodity space, the Comex gold for August series gained $5.70 to settle at $963.70 a troy ounce.