Market to remain sideways

The market may open on cautious note after the Sensex lost around 400 points during intra-day trades on Monday and shed 1.93% at the close on across-the-board selling pressure. The sharp intra-day volatile trend due to lack of clarity and overnight fall in the US markets likely to see the market remain edgy and move on the either side of the zone. However, the gain in Asian indices in the present trades could move up the local indices in early trades. Among the indices, the Nifty may get support at 5700 and could test higher levels in the range of 6000. The Sensex has a likely support at 19000 and may face resistance at 20500.

US indices ended a session of volatile trading lower on Monday after Citigroup stoked credit fears with the announcement of more mortgage-related losses. While the Dow Jones slipped by 52 points at 13543, the Nasdaq moved down by 15 points at 2795.

Most of the Indian floats finished in the red. Rediff tumbled nearly 4% while Dr Reddy's, Tata Motors, ICICI Bank, MTNL Infosys, Satyam, HDFC Bank and VSNL fell over 1-3% each.

Crude oil prices declined marginally on Monday. While the Nymex light crude oil for December delivery fell by $1.95 to close at $93.98 a barrel. In the commodity space, the Comex gold for December series jumped $2.30 to settle at $810.80 an ounce.