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 4900 and the downside cap at 4640, while the Sensex could test higher levels of 15930 and has a likely support at 15530.

US indices registered steady losses on Wednesday with the Dow Jones dropped 49 points to close at 12606, the Nasdaq fell a points at 2361.

Indian floats, too, largely remained weak on the US bourses. ICICI Bank & VSNL tumbled 4% each while Satyam, HDFC Bank, MTNL, Rediff and Dr Reddy were down over 1-3% each. Infosys ended with marginal loss. Patni Computer, Tata Motor and Wipro, however, gained marginally.

Crude oil prices in the US market gained on Wednesday, with the Nymex light crude oil for May 08 delivery advanced by $3.85 to close at $104.83 a barrel and in the commodity space, the Comex gold for June 08 series gained $12.40 cents to settle at $900.20 a troy ounce.