Market may exhibit volatility

The market may open on a cautious note as US indices ended on a negative note yesterday and Asian indices are exhibiting upward trends in the morning trades. Although the bias remains positive, investors should maintain caution as FIIs have remained net sellers in equities for last couple of sessions and profit taking at higher levels may pull down the market. However, the prevailing bullish trend may add to the market advantage and help the sentiment turn positive. Among the local indices the Nifty could test 2,750 and 2,700 on the downside while on the upper side it may move up to 2,830. The Sensex has a likely support at 9,050 and may face resistance at 9,400.

U.S. indices closed flat on Thursday after a rash of job cuts at major companies added to jitters ahead of the November jobs report. While the Dow Jones slipped by 215 points at 8,376, the Nasdaq moved up by 47 points to close at 1,446.

Indian floats trading on the US bourses had a mixed outing on Thursday, the major laggards were, Satyam lost over 6.96% while Wipro, Infosys, MTNL, Patni computer, Rediff and HDFC Bank lost over 1% to 6%. However, Tata Motors, Dr Reddy, VSNL and ICICI Bank gained over 0.36-5% each.

Crude oil prices are moving down gradually, while the Nymex light crude oil for January delivery lost by $3.12 to close at $43.67 a barrel. In the commodity segment, the Comex gold for February series dropped by $5 to settle at $765.50 an ounce.