The market is likely to open with a negative gap tracking weak Asian markets in current trades and a steep overnight fall in the US markets.
Correction in overseas markets likely to keep the sentiment bearish. Major factors like FIIs continuing offloading in equities my also add pressure. Among the key indices, the Nifty may decline to 4480 while on the upside the index faces resistance in the 4550-4600 range. The Sensex has a likely support at 14900 and could test higher levels of 15300.
US indices tumbled on Thursday, with the Dow Jones declined 225 points at 11431, the Nasdaq dropped 23 points to close at 2356 on weakness in tech stocks.
Indian floats largely ended on a weak note. ICICI Bank dropped 4.12% while Infosys, Wipro and Rediff were down nearly 2% each. Tata Motors and HDFC Bank, Wipro also faltered while VSNL, Dr Reddy, MTNL, Patni Computer and Satyam registered steady gains.
Crude oil prices moved up, with the Nymex light crude oil for September delivery gaining by $1.44 at $120.02 a barrel. In the commodity segment, the Comex gold for December series remained at $877.90 down $5.10 a troy ounce.
