Market may move sideways

The market may exhibit cautious trend after taking a strong dip in yesterday's trades. Weakness in the market may continue further amid a mixed Asian indices in early trades and dwindling net FII inflows in the domestic market. Among the domestic indices, the Nifty could test 4000 and below this level may slip to 3950, while on the upside it could edge higher to 4100. The Sensex has a likely support at 13940 and may face resistance at 14100.

US indices ended mixed on Thursday amid rise in crude oil prices, jump in Treasury bond yields and worries of geopolitical unrest in the Middle East. While the Dow Jones dropped by 52 points to close at 12686, the Nasdaq ended seven points up at 2525.

All the Indian ADRs ended in the red on the US bourses. Dr Reddy's lab fell sharply and tumbled around 4% while VSNL, ICICI Bank, Patni Computers, Rediff and Tata Motors declined around 2-3% each.

The Nymex light crude oil for April delivery rose 88 cents to close at $60.95. In the commodity space, the Comex gold for April series declined by a dollar to settle at $683 a troy ounce.