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. The Sensex swung over 1000 points during intra-day trades and closed flat on Tuesday across-the-board selling pressure which may keep the investors cautious. Among the key local indices, the Nifty has good support around 4270 and upside till 4370-4420 levels. The Sensex has a likely support at 14150 and may face resistance at 14450.

US indices ended mixed Tuesday, after trading in a tight range on both sides of breakeven, following an unexpected drop in homebuilding that clouded the economic outlook. The Dow ended marginally down at 8475, while the tech-laden Nasdaq advanced to close 2 point higher at 1735.

All the Indian floats witnessed selling pressure. Tech ADRs Infosys, Satyam, Wipro and Patni Computers tumbled over 2-8% each. Dr Reddy's, Tata Motors, ICICI Bank, HDFC Bank, MTNL, VSNL and Rediff dropped over 0.50-5% each.

Crude oil prices in the international market edged higher, with the Nymex light crude oil for June delivery rose by 62 cents to close at $59.65 per barrel. In the commodity space, the Comex gold for June series gained $926.70 to settle at $5 a troy ounce.