Market may move sideways

The market is likely to open strong on the back of a strong domestic fundamentals and healthy FII buying support. While the domestic indices, the Nifty could target 4020 on the upside, it has supports at 3975 and 3940 on the downside. The Sensex has a support at 13800 and a resistance at 13880.

Amomng the indices the US indices posted marginal loss on Friday and the Asian indices were weak in early session. While the Dow Jones declined 29 points to 12194, the Nasdaq moved down 19 points to close at 2413.

Indian ADRs witnessed mixed trend. Patni led the downfall with a slump of 3.31% followed by Rediff down by 2.11% while Wipro and Infosys dropped over 1% each. Satyam and ICICI Bank were down 1% each However, Tata Motors gained 4.65%, Dr Reddy soared 2.51%, VSNL up with 2.36% and MTNL advanced 1.85% while HDFC Bank reported steady gain.

In the crude oil space, the Nymex light crude oil for January 07 series advances by 30 cents at $63.43 a barrel while the London Brent crude spurted by 62 cents at $59.46 per barrel. The commodity segment saw the Comex gold for February delivery declined $2.30 to settle at $650.60 respectively.