Market may remain under pressure

The market is likely to remain under pressure on account of unwinding of position ahead of May series derivative contracts. Weakness in most of the Asian indices in the ongoing trades may add further pressure on the local bourses. However, the market is expected to remain positive with a sideways movement during intra-day trades on account of prevalence strong bullish sentiment, early monsoon showers in south and strong FII inflows in last couple of sessions. Among the local indices, the Nifty is waiting to cross the 4300 level and once it crosses and sustains at that level, it can target 4320 to 4350 in the short term, while it has a likely support at 4273 on the downside and a break below this level could see the index slip to 4246. The Sensex has a likely support at 14400 and may face resistance at 14600.

US indices advanced Tuesday, influenced by deal news and rumors, falling oil prices, a strong consumer confidence report and news that China is looking to cool its booming stock market. While the Dow Jones gained 14 points to close at 13521, the Nasdaq advanced by 15 points at 2572.

Except select few most of the Indian ADRs gained on US bourses. VSNL lost 4.13% while Wipro slipped by 1.99% and Infosys shed around 1% while Satyam, Tata motors, Dr Reddy's, ICICI Bank, HDFC Bank, MTNL and Rediff were up around 1-3% each.

In the crude oil front, the Nymex light crude oil for July series lost $2.05 to close at $63.15 per barrel. The bullion Comex gold for August delivery moved up by $2 to settle at $663.40 a troy ounce.