Bias may remain cautious

The market is likely to witness cautious trend as major Asian gauges like the Hang Seng index, the Kospi index and the Jakarta index have gained marginally but the Nikkei index is trading in the red in current trades and US Market ended with a positive note. Although the domestic indices gained marginally on Monday as intense selling backed by strong volatility saw the index swing over 300 points during intra-day trades. Today, RBI will announce its first quarter review of the annual credit policy, which is likely to weigh on the market sentiment. Among the local indices, the Nifty could test 4400 on the down side while on the upside it could find support at 4550. The Sensex is likely to get support at 15000 and may face resistance at 15450.

Key announcements like Alok Industries, Aurobindo Pharma, Bhajaj Hindustan, Cadila, Godrej Consumer, Hindalco, Indian Hotels, Jindal Saw, Shipping Corporation of India and Tata Motors are expected to announce their figures.

US indices closed on Monday with a positive note, helped by cooling credit markets fears and a bit of deal making on Wall Street. The Dow Jones gained 92 points at 13358, the Nasdaq was up 21 points at 2583.

Crude oil prices slipped marginally, with the Nymex light crude oil for September delivery fell by 19 cents to close at $76.83 a barrel. In the commodity space, the Comex gold for December delivery gained $4.30 to settle at $676.60 an ounce