Expect a sideways movement

The current market sentiment is mainly driven by the expectations of the possible rate cut in tomorrow's Federal Reserve policy meeting. The mood of the market is expected to remain positive, however, subdued Asian markets in current trades may weigh on investors' sentiment. Friday's positive close in US markets is likely help the domestic indices advance further. Among the indices, the Nifty could test higher levels around 4550 and 4583 while on the downside the index has a strong support at 4420. The Sensex has a likely support at 15250 and may face resistance at 15700.

US indices gained on Wednesday, after a volatile session ahead of this week's Federal Reserve policy meeting. While the Dow Jones gained 18 points at 13443, the Nasdaq was up by a points at 2602.

Indian floats, however, ended lower. VSNL & Patni computer slipped over 2% while, Satyam Computer, Wipro, Tata Motors and MTNL lost over 1% each and Infosys, Dr Reddy's lab, Rediff also fell by 0.50% each. However, ICICI Bank and HDFC Bank were the only gainers amongst the ADRs and gained over 1% respectively.

Global crude oil prices slipped marginally on Friday, with the Nymex light crude oil for October series closed at $79.10 down by 99 cents per barrel.