Market may move sideways

The market is currently driven by the movement in international market. The mood of the market is likely to remain subdued after witnessing the fall in yesterday's trades and on concerns that the move by the central banks to bailout the seized credit markets is going to help. However, fall in the oil prices and FIIs remaining net buyers in equities may help the sentiment to remain positive. Among the indices, the Nifty could test higher levels around 6200 and 6400 while on the downside the index has a strong support at 5995-5895 levels. The Sensex has a likely support at 19833 and may face resistance at 21000.

US indices staged recovery in a late session on Thursday, driven by worries about the economy after a report showed a big jump in wholesale prices. While the Dow Jones gained by 44 points at 13518, the Nasdaq slipped three points to close at 2668.

The Indian ADRs had a mixed outing on the US bourses. HDFC tumbled nearly 3% and Infosys slipped 2.43% while Infosys, Satyam, Tata Motors, ICICI Bank and HDFC Bank lost over 1% each. However, Wipro, Dr Reddy's and VSNL gained over1% each.

Crude oil prices in the global market slipped marginally, with the Nymex light crude oil for January series slipping by $2.14 at $92.25 a barrel. In the commodity space, the Comex gold for February delivery tumbled $14.80 to settle at $804 a troy ounce.