Market may remain volatile

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 weakness in the US indices and mixed Asian markets in mornings trades may further dampen the investors' sentiment. On the technical side, the Nifty has a stiff resistance at 2850 and the downside cap at 2750, while the Sensex could test higher levels of 9350 and has a likely support at 9050.

US indices ended negative on Wednesday, with the Dow Jones closing below at 7960, 122 points down. The Nasdaq lost a points at 1515.

Majority of the Indian floats ended in the red. MTNL was the biggest loser and lost over 4.33% followed by Satyam which was down 3.52%. Infosys, Wipro, Tata Motors, ICICI Bank, HDFC Bank, VSNL and Rediff were down 0.50-2% each. However, Dr reddy moved up over 2.15% and Patni Computer gain over 1.81%.

Crude oil prices in the US market slipped on Wednesday, with the Nymex light crude oil for March 09 delivery falling by 46 cent to close at $40.32 a barrel and in the commodity space, the Comex gold for April 09 series also gained $9.70 to settle at $902.20 a troy ounce.