Sideways movement may continue

The market is likely to witness sideways movement on the back of a strong intra-day volatile moves. Stocks across sectors along with heavyweights may gyrate sharply. Overnight weakness in the US indices and mixed Asian markets in mornings trades may further dampen the investors' sentiment. On the technical side, the Nifty has a stiff resistance at 4525-4550 levels and the downside strong support at 4470-4450, while the Sensex could test higher levels of 15370 and has a likely support at 15190.

Among the major results, Biocon, IL&FS Investment Managers, Reliance Natural Resources, Tanla Solutions and Austin Engineering Company and many more are expected to announce their quarterly numbers.

US indices ended higher on Tuesday, with the Dow Jones gaining 21 points to close at 13972 and the Nasdaq ended 15 points higher at 2713.

Most of the Indian ADRs fell on the US bourses. Reiff was the biggest loser and dropped over 7% followed MTNL declined 3%, while ICICI Bank, VSNL, Patni Computer Tata Motors and HDFC Bank were down around 1% each. However, Infosys soared over 1% while Satyam, Wipro and Dr Reddy's gained around 1% each.

Crude oil prices in the US market edged lower, with the Nymex light crude oil for August delivery down by 13 cents to close at $74.02 per barrel. In the commodity segment, the Comex gold for August series dropped by 40 cents to settle at $665.90 an ounce.