Market may remain volatile

The market is likely to remain volatile and witness sideways movement during intra-days. The overnight fall in US market could drag down the local indices in early trades. However, with bullish Asian Indices trend might lift the investors sentiment and may lead to buying. On the technical side, the Nifty may get support at 3575 and could test higher levels of 3640, while the Sensex may face resistance at 12550 and has a support at 12300 on the downside.

US indices posted loss on Friday. While the Dow Jones delined 49 points at 12110 levels and the Nasdaq ended 6 points lower at 2373.

Indian floats largely had a mixed outing on the US bourses. Patni Computers was the major gainer and rose 1.96% followed by Dr Reddy's advanced 1.12% and MTNL ended with steady gains. Among the laggards ICICI Bank, and Rediff slumped over 2% each while Infosys, Satyam and HDFC Bank, were down over 1% each. However, Wipro, Tata Motors and VSNL were marginaly down.

Crude oil prices in the US market edged lower, with the Nymex light crude oil for April delivery loosing 44 cents to close at $57.11 a barrel and in the commodity space, the Comex gold for April series flared up $6.80 to settle at $653.90 a troy ounce.