New Delhi, Jan 10 : The market is moving up and down without a directional trend. Up moves are countered with selling and down moves are responding by buying. A trend might emerge in the coming days in response to Q3 results, says V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services. There is an important dichotomy in the market which has implications for investors. Segments like Defence and Railways have run up too much too fast based on expectations triggered by order inflows. It will take time for these orders to be executed and reflect on the bottom lines, he said. On the other hand there is value in segments like banking, particularly in high quality private sector majors. But this value is not getting reflected in the price. This is a short-term aberration which will correct in the medium to long-term, he added. Q3 results starting Thursday will be keenly watched. Regarding IT the management commentary will be more important than the results which will be tepid, he said. Deepak Jasani, Head of Retail Research, HDFC Securities said the US stocks ended mostly lower on Tuesday as investors rethink the chances of an interest-rate cut by the Federal Reserve in the near term and await new inflation data and earnings results later in the week. Stocks struggled to gain traction a day after a tech-led rally as Treasury 10-year yields remained above 4 per cent. The benchmark 10-year yield was last up slightly at 4.019 per cent after reaching a high of 4.053 per cent earlier in the session. The market is pricing in a 59 per cent chance that the Federal Reserve will start lowering interest rates at its March policy meeting, according to the CME FedWatch tool. That's down from a nearly 70 per cent chance one week ago, he said. The Asia-Pacific markets were mostly lower on Wednesday following weak US markets overnight. BSE Sensex is down 40 points at 71,345 points on Wednesday. NTPC is down more than 2 per cent. /IANS