Market may move sideways

The market may exhibit optimism after registering the sharp gains in yesterday's trades. The overnight loss in US markets and the mixed Asian indices in morning trades may put pressure on the domestic indices. The current net outflows from the market and the rise in international crude oil prices remain causes for concern. The market may witness sideways movement during intra-day trades. The Nifty could test higher levels between 4700 and 4747 and may dip around 4615 while the Sensex has a likely support at 15540 and may face resistance at 15850.

US indices lost on Tuesday: The Dow Jones declined by 109 points at 12160 while the Nasdaq was down 17 points at 2458.

Barring a few, the majority of the Indian floats ended at lower levels. Rediff was the biggest loser and tumbled nearly 2.38% followed by Dr Reddy's and MTNL which shed over 1-2% each. Infosys, Satyam and Wipro ended with steady losses. However, VSNL bucked the downtrend and soared 4.16% while Tata Motors and ICICI Bank were up nearly 1% each. HDFC Bank and Patni Computers closed in positive territory.

Crude oil prices in the US market were marginally down, with the Nymex Light Crude oil for July 2008 delivery losing 60 cents to close at $134.01 a barrel. However, in the commodity space, the Comex gold for August 2008 series gained 60 cents to settle at $886.90.