Sideways movement may continue

The market is likely to witness sideways movement on the back of a strong intra-day volatile move. Stocks across the sectors along with heavyweights may gyrate sharply. Overnight marginal weakness in the US indices and mixed Asian markets in morning’s trades may further dampen the investors' sentiment. On the technical side, the Nifty has a stiff resistance at 3700-3740 levels and the downside strong support at 3610-3570, while the Sensex could test higher levels of 12220 and has a likely support at 12000.

Among the major results, ASM Technology, Manali Petro, Selan Exploration, Tayo Rolls, Visagar Poly, GIC Housing, Polytex, SKS Logo and Wall Street and many more are expected to announce their quarterly numbers.

US indices Tuesday as investors retreated after pushing the major gauges to multi-month highs in the previous session. As a result the Dow Jones lost 16 points to close at 8411 and the Nasdaq ended 9 points lower at 1754.

Indian floats trading on the US bourses had a mixed outing on Tuesday, the gainers were, Rediff gaining sharply over 39% while MTNL, Wipro, ICICI Bank and VSNL gained marginally. However, HDFC Bank & Dr Reddy slipped over 2% and Infosys, Satyam, Tata Motors and Patni Computer dropped around half a percent each.

Crude oil prices in the US market edged higher, with the Nymex light crude oil for June delivery up by a cents to close at $53.85 per barrel. In the commodity segment, the Comex gold for June series gained by $2.10 to settle at $904.30 an ounce.