The market is likely to extend its down trend on account of worries about the global market.
The market is likely to remain under pressure following an flat close on the US market. The weakness in the Asian markets in ongoing trades and overnight slump in commodities markets coupled with offloading of FIIs in domestic market may add pressure on the investors sentiment. Among the major domestic indices, the Nifty could test 4200 on the downside and breaching upon this level it may test 4150, while it has a resistance in the 4260-4310 band. The Sensex has a likely support at 13900 and test higher levels of 14200.
US indices closed flat on Friday, with the Dow Jones tumbled 12 points at 11422, the Nasdaq gained marginally with 3 points to close at 2261.
Indian ADRs were largely mixed on the US bourses. Rediff & Patni Computer are down 4-5%, while ICICI Bank, Wipro, Dr Reddy and VSNL ended with modest loss. while MTNL, Satyam, Tata Motors and Infosys ended with marginal gains.
Crude oil prices gained on Friday, with the Nymex light crude oil for October delivery advancing 31 cents to close at $101.18 a barrel. In the commodity space, the Comex gold for December delivery raise $19 to settle at $764.50 an ounce.
