Sideways movement to continue

After registering marginal gains in yesterday's trades the market is expected to be remain subdued following the mixed global cues. The market may witness sideways movement during intra-day trades. However, the current net inflows from FIIs may help the sentiment to turn positive. The Nifty could test 4,490 on the downside and may test higher levels at 4,550 and on breaching this level may test the short-term target of 4,620, while the Sensex has a likely support at 15,250 and may face resistance at 15,700.

US indices little changed on Monday, on concerns about economy and worries about big rate cut form Fed officials next week. While the Dow Jones gained marginally by 14 points at 13128, the Nasdaq slipped seven points to close at 2559.

Most of the Indian ADRs barring few ended at lower levels on the US bourses. Wipro slipped 2% while Infosys, Satyam, Dr Reddy's Lab, MTNL and Rediff were down by 0.50% to 1% each. However, Tata Motors, ICICI Bank, HDFC Bank, VSNL and Patni computers gained around 1%.

Crude oil prices in the global market extended their upward trend, with the Nymex light crude oil for October series jumping by 79 cents at $77.49 a barrel. In the commodity space, the Comex gold for December delivery moved up by $2.50 to settle at $712.20 a troy ounce.