Market may remain nervous

After correcting sharply in yesterday's trades, the market is likely to witness sideways movement. However, on the other hand, the undertone still looks bearish on the back of strong selling by the FIIs. For the Nifty, the key resistance level is at 4635 and has a likely support at 4540 on the downside. The Sensex has a likely support at 15300 and resistance at 15700.

US indices finished on a flat note on Wednesday. As a result, the Dow Jones slipped by 12 points at 12390 while the Nasdaq was up 23 points at 2503 respectively.

Indian ADRs were largely weak on the US bourses. VSNL led the downfall by 3.71% followed by Wipro, Satyam, HDFC Bank, Tata Motors and MTNL were down above 1% each while Infosys and Dr Reddy, were marginally declined. However, Rediff, Patni Computers and ICICI Bank was only closed in positive territory.

In the crude oil front, the Nymex light crude oil for July series moved down by $2.01 at $122.30 a barrel. In the commodity segment, the Comex gold for August delivery declined $1.70 to settle at $883.80 an ounce.