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. Ongoing weakness in the Asian indices and mixed US markets at overnight trades may further dampen the investors' sentiment. On the technical side, the Nifty has a stiff resistance at 4550 and the downside cap at 4450, while the Sensex could test higher levels of 15130 and has a likely support at 14900.

US indices registered mixed trades on Wednesday following reports from the Federal Reserve and weak sales from many automakers kept worries about the economic slowdown in the forefront. While the Dow Jones dropped 16 points to close at 11533, the Nasdaq fell 16 points at 2334.

Most of the Indian ADRs fell on the US bourses. Tata Motors, Satyam and Wipro shed over 3-2% each while MTNL, Infosys, ICICI Bank and HDFC Bank were down 0.25-1% each. However, VSNL soared over 2% while Rediff and Patni Computer closed with the marginal gains.

Crude oil prices in the US market slipped on Wednesday, with the Nymex light crude oil for October delivery falling by 36 cents to close at $109.35 a barrel and in the commodity space, the Comex gold for December series lost $2.30 to settle at $808.20 a troy ounce.