Bumpy ride ahead

The market witnessed a small correction yesterday after a eight day rally. The market saw this fall amid sharp volatile moves which may keep investors cautious in today's trades. The weak Asian indices in current trades and overnight fall in the US market may add to the investors sentiment. However, presence of strong bullish sentiment my release some pressure. Among the local indices, the Nifty could test the 4540 on the upside while on the downside the index may get support at 4360. The Sensex is likely to get support at 15250 and may face resistance at 15700.

US indices slipped on Wednesday on the back of slumping pending home sales, fall in private sector employment and the latest woes for the financial sector. While the Dow Jones declined by 143 points to close at 13305, the Nasdaq also ended 24 points lower at 2606.

Crude oil prices moved up, with the Nymex light crude oil for October series rising by 65 cents at $75.73 a barrel. In the commodity space, the Comex gold fell by 80 cents to settle at $690.70 a troy ounce.