Market may move sideways

The current market sentiment is mainly driven by the earning estimations and movement in global indices. The mood of the market is expected to remain positive after Friday's solid gains and the gains in the US markets will also help the local indices advance further. However, subdued Asian indices in current trades may drag the market in early trades. Among the indices, the Nifty could test higher levels around 4550 and 4600 while on the downside the index has a strong support at 4450-4385 levels. The Sensex has a likely support at 15000 and may face resistance at 15450. Geomet, Indo Rama Synthics, Merck, Petronet LNG, Power Finance Corporation and TCS are expected to announce their numbers.

US indices gained marginally on Friday. While the Dow Jones gained by 46 points at 13907, the Nasdaq added 5 points to close at 2707.

Most of the Indian ADRs barring few ended in the red on the US bourses. Rediff tumbled nearly 4% and MTNL slipped 2.06% while Infosys, Satyam, Wipro, Dr Reddy's Lab and VSNL lost over 1-2% each. However, Tata Motors, ICICI Bank and HDFC Bank gained over1-2% each.

Crude oil prices in the global market extended their upward trend, with the Nymex light crude oil for August series jumping by $1.43 at $73.93 a barrel. In the commodity space, the Comex gold for August delivery moved down by $1 to settle at $662.10 a troy ounce.