Market may move sideways

The presense of a intra-day volatile trend due to lack of clarity may see the market remain edgy and move on the either side of the zone. The Nifty could test higher levels at 3985 and may find supports at 3920, while the Sensex has a likely support at 13625 and may face resistance at 13780.

US indices witnessed a broad-based sell-off on friday and nearly erased all its previous session gains as inflation fears came back to haunt the investors. While the Dow Jones dropped 47 points to close at 12280, the Nasdaq declined by 6 points at 2460.

Indian floats largely had a mixed trend on the US bourses. Dr Reddy rose 1.28% at $16.61, HDFC Bank gains 1.18% at $75.23 and Tata Motors advances 0.32% at $18.60. Among the laggards Rediff was the major loser with loss of 4.1% at %18.47, and Patni Computers with loss of 2.84% at $20.50. While Infosys dropped 1.05% at $53.56, Satyam Computers tumbled 1.94% at $23.77, VSNL losses 1.48% at $19.30 ICICI Bank slumped over 4% each while Satyam, Wipro, HDFC Bank and MTNL were down over 2-3% each.

In the crude oil front, the Nymex light crude oil for January series lost 93 cents to close at $59.24 per barrel. The bullion Comex gold for February delivery gained 30 cents to settle at $635.40 a troy ounce.