Market may move sideways

The market may open on a positive note following the recovery in the US markets from the previous week's battering and strong Asian indices in the morning trades. However, caution should be maintained on account of the prevalence of a sharp intra-day volatility. Action could be seen in cement stocks after the government's decision to control on the prices hike for the next one year. Among the local indices, the Nifty could test higher levels around the 3775 level and has a support in the 2660-3572 range. The Sensex on the downside may slip to 12800 and may face resistance at 13000.

US indices witnessed a sharp turnaround towards the close after exhibiting sharp volatility during intra-day trades. While the Dow Jones advanced by 16 points at 12276, the Nasdaq moved marginally down at 2388.

All Indian ADRs were losers except Patni Computer on the US bourses. MTNL fell sharply and tumbled over 3% while VSNL, Tata Motors, Infosys, Satyam, HDFC Bank, ICICI Bank, Dr Reddy's and Rediff declined around 1-2% each while Patni Computers gained around a percent and Wipro remained unchanged.

The Nymex light crude oil for April delivery slipped by $1.59 to close at $60.05. In the commodity space, the Comex gold for April series declined $3.50 to settle at $652 a troy ounce.