Sideways movement to 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 gains in the US indices and weak Asian markets in mornings trades may further dampen the investors' sentiment. On the technical side, the Nifty has a stiff resistance at 4450 and the downside cap at 4360, while the Sensex could test higher levels of 14760 and has a likely support at 14500.

US indices registered steady gains on Wednesday after a choppy session dictated by fluctuating oil prices and fears that Fannie Mae and Freddie Mac are on the brink of a government takeover. While the Dow Jones gained 69 points to close at 11417, the Nasdaq raised 5 points at 2389.

Indian ADRs were largely mixed on the US bourses. ICICI Bank & HDFC Bank and Patni Computer jumped over 3%, Wipro, VSNL and Tata Motors ended with modest gains. while MTNL, Rediff, Dr Reddy, Infosys and Satyam ended with loss of around 0.40-1%.

Crude oil prices in the US market gained on Wednesday, with the Nymex light crude oil for September delivery gaining by 45 cents to close at $114.98 a barrel and in the commodity space, the Comex gold for December series lost 50 cents to settle at $816.30 a troy ounce.