Market may move sideways

Yesterday's bounce after steep fall in the last two session has renewed the optimism amongst the investors. However caution should be maintained on presence of sharp intra-day volatility. The dwindling FII inflows is another cause of concern. Among the local indices, the Nifty could test higher levels at 3850 and on the downside it has support at 3780. The Sensex has a likely support at 13050 and may face resistance at 13200.

US indices posted a small decline after a big early drop on Thursday. While the Dow Jones lost 34 points to close at 12234, the Nasdaq ended 11 points lower at 2404.

Indian ADR losers pipped gainers on the US bourses. Tata Motors and Rediff fell sharply over 2% while MTNL, Satyam, Wipro, HDFC Bank and ICICI Bank declined over 1% each. Patni Computers rallied sharply and soared over 2% while and Infosys ended with steady gains.