Market may remain uncertain

Market may remain uncertain owing to lack of clarity and may witness sideways movement on the back of sharp intra-day volatility. Mixed fund inflows and global trend will be monitored for further direction. Among the local indices, the Nifty could test the 2730-2780 range on the upside while on the down side it could find support at 2650 and 2600. The Sensex is likey to get support at 8800 and may face resistance at 9050.

US indices ended positive on Tuesday with the Dow Jones advanced by 151 points to close at 8425, the Nasdaq also ended a point up at 1483.

Except Dr Reddy all the Indian ADRs posted losses on the US bourses. Rediff lost over 6.79%, while Satyam, MTNL, Dr Reddy, ICICI Bank and Tata Motors fell over 3-4% each. Infosys, Wipro, HDFC Bank, VSNL and Patni Computers ended with the marginal loss.

Crude oil prices moved down further, with the Nymex light crude oil for December series declining by 56 cents at $54.39 a barrel. In the commodity space, the Comex gold slipped by $9.30 to settle at $732.70 a troy ounce.