Market may exhibit volatility

Mixed Asian markets in opening trades and presence of intra-day volatility may hold the investors from taking any fresh positions. However, the crude priced moved down sharply in last week and also flat in US markets on Friday may help the market to move northwards. Among the indices, the Nifty could test higher levels around the 4,460, while on the downside it has a key support at 4,400. The Sensex has a likely support at 14,650 and may face resistance at 14,800.

US indices closed flat on Friday, with the Dow Jones gaining 44 points at 11660 and the Nasdaq slipping by a points at 2453.

Indian ADRs had a mixed outing on the US bourses. Among the major gainers Rediff gained above 12% followed by Infosys, Dr Reddy, HDFC Bank and Tata Motors that raised over 0.50% each. Patni Computer, ICICI Bank, Satyam, MTNL and Wipro lost 1-3% each.

Crude oil prices slipped marginally, while the Nymex light crude oil for September delivery slipped by $1.24 to close at $113.77 a barrel. In the commodity segment, the Comex gold for December series lost $22.40 to settle at $792.10 an ounce.