Market may move sideways

The presence of a sharp intra-day volatile trend due to lack of clarity may see the market remain edgy and move on the either side of the zone. Mixed fund inflows into the domestic equities and the global market trend will be closely monitored for further direction. Among the key local indices, the Nifty has good support around 2600 and upside till 2645-2690 levels. The Sensex has a likely support at 8260 and may face resistance at 8550.

US indices ended negative on Tuesday as Wall Street failed to mount a rally amid ongoing worries about the financial markets and the recession.The Dow ended marginally down by 37 points at 6726, while the tech-laden Nasdaq declined to close 2 point lower at 1321.

Indian ADRs had a mixed outing on Tuesday. Rediff was the major loser amongst the ADRs and lost 7.84%, while Satyam, Dr Reddy's, MTNL and Patni Computer were down around 1-4% each. Among the gainers Wipro gained 4.28% and Infosys, Tata Motors, ICICI Bank, HDFC Bank and VSNL advanced around 1-3% each.

Crude oil prices in the international market edged higher, with the Nymex light crude oil for April delivery rose by $1.50 to close at $41.65 per barrel. In the commodity space, the Comex gold for April series lost $26.40 to settle at $913.60 a troy ounce.