New Page 1 Market is likely to exhibit cautious trend on the back of mix Asian indices in current trades.
The market is likely to witness cautious trend as major Asian gauges like the Nikkei, the Kospi index and the Jakarta index are mixed in current trades and may help the indices in early trades. Although the domestic indices moved down in the last couple of sessions, intra-day volatility remains the major concern. Among the local indices, the Nifty may slip to 4050 and 4000 while on the upside it could test 4100 to 4150 level. The Sensex has a likely support at 13600 and could test higher levels at 13900.
US indices erased most of its losses by the close Wednesday, as investors set aside concerns about the economy to gear up for the quarterly reporting period, which got underway after the closing bell with Alcoa. While the Dow Jones gained 15 points at 8178, the Nasdaq was up a points at 1747. Indian floats, also, bucked the weak US market trend and ended lower.
Crude oil prices lost sharply. The US light crude oil for August series declined by $2.79 at $60.14 a barrel. In the commodity space, the Comex gold for August delivery declined by $19.80 to settle at $909.30 an ounce.
