Market may move sideways

The presense of a sharp intra-day volatile trend due to lack of clarity may see the market remain edgy and move on the either side of the zone. Rise at the US markets and mixtrend in Asian indices in the present trades could move up the local indices in early trades. Among the key local indices, the Nifty could test higher levels around 4650-4720 and has supports at 4500 and 4450. The Sensex has a likely support at 14760 and may face resistance at 15160.

In the US markets, the broader Dow Jones scaled up by 262 points at 12361, and the tech-heavy Nasdaq moved up by 48 points to close at 2258.

Indian ADRs displayed mixed trend on the US bourses. Rediff soared over 4.80%, Wipro advanced nearly 4%, Patni Computers jumped 3.75% and VSNL gained 3.47% while HDFC Bank, Satyam, Infosys, ICICI Bank and MTNL gained around 1-2% each. However, Dr Reddy's and Tata Motors were down 1% each.

Crude oil prices in the US market was down, with the Nymex Light Crude oil for April delivery losing 70 cents to close at $101.84 a barrel. However, in the Commodity space, the Comex gold for April 08 series lost $25.30 to settle at $920.