Market may witness pull-back

Overnight gains in the US markets and a sharp rise in several Asian indices in the ongoing trading session may help the domestic indices rebound from yesterday's losses. However, the market may exhibit caution owing to lack of clarity, higher volatility. Among the indices, the Nifty could test higher levels at 4450 and 4520, and has a supports at 4350. The Sensex has a likely support at 14600 and may face resistance at 14932.

US indices bounced back sharply bounced on Wednesday, fighting back from early losses, as investors scooped up oil and other commodity shares following a nearly 5% rally in crude prices. While the Dow Jones flared up by 61 points at 9,279, the Nasdaq moved up by 13 points at 1,969.

Most of the Indian ADRs traded firm on the US bourses. Patni Computers led the pack with gains of 4.28% while VSNL, Infosys, Wipro, Dr Reddy, ICICI Bank and MTNL gained marginally. However, Satyam, Tata Motors, Rediff and HDFC Bank slipped around 1-2% each.

Crude oil prices edged higher, the US light crude oil for September delivery moved up by $3.23 at $72.42 a barrel. In the commodity segment, the Comex gold for December delivery advanced by $5.60 to settle at $944.80 an ounce.