Market looks edgy

After correcting sharply in yesterday's trades, the market is likely to witness sideways movement. However, on the other hand, the undertone still looks bearish on the back of strong selling by the FIIs. For the Nifty, the key resistance level is at 3850 and has a likely support at 3760 on the downside. The Sensex has a likely support at 13237 and resistance at 13430.

US indices finished on a flate note on Tuesday. As a result, the Dow Jones surged by 30 points at 12471 while the Nasdaq was down 6 points at 2430 respectively.

Indian ADRs were largely weak on the US bourses. VSNL led the downfall by 3.95% followed by Satyam, Dr Reddy's and MTNLwere down nearly 2% each while Infosys, Wipro, Tata Motors, ICICI Bank, HDFC Bank & Rediff were declined by 1% each. However, Patni Computers was only closed in positive territory.

In the crude oil front, the Nymex light crude oil for february series surged by 67 cents at $63.46 a barrel. In the commodity segment, the Comex gold for February delivery advanced $7.50 to settle at $625.40 an ounce.