Global cues need not always be followed Doubt is part of all religion. All the religious thinkers were doubters. Market may move sideways

The market may exhibit optimism after registering the steady gains in yesterday's trades. The overnight gains in US markets and mixed Asian indices in morning trades may put pressure on the domestic indices. The current net outflows from the market and rise in international crude oil prices remains a cause of concern. The market may witness sideways movement during intra-day trades. The Nifty could test higher levels between 3722 and 3750 and may dip around 3640, while the Sensex has a likely support at 12550 and may face resistance at 12750.

US indices gained Tuesday, rising for a second straight session as investors welcomed a strong report on housing and the start of the two-day Federal Reserve policy meeting. While the Dow Jones advanced by 62 points at 12288, the Nasdaq was up 14 points at 2408.

Among the Indian ADRs MTNL ended weak out of 11 floats trading on the US bourses. Satyam, ICICI Bank, HDFC Bank and VSNL gained over 1-2% each, while Infosys, Tata Motors, Rediff, Patni Computers, Wipro and Dr Reddy's were up with steady gains.

The Nymex light crude oil for April delivery rose 14 cents to close at $56.73. In the commodity space, the Comex gold for April series gained $4.70 to settle at $653.90 a troy ounce.