Sideways movement may continue

The market is likely to witness sideways movement on the back of strong intra-day volatile moves. Stocks across sectors along with heavyweights may gyrate sharply. Overnight weakness in the US indices and weak Asian markets in morning’s trades may further dampen the investors' sentiment. On the technical side, the Nifty has a stiff resistance at 4475 and the downside cap at 4350, while the Sensex could test higher levels of 14800 and has a likely support at 14450.

US indices registered steady losses on Friday as Dow Jones dropped 52 points to close at 11326, the Nasdaq fell 15 points at 2311. All the Indian ADR's were gainers on the US bourses. Rediff rallied sharply and soared over 5.24% followed by Satyam gained 4.55% while MTNL, ICICI Bank, Infosys, Patni Computer and Dr Reddy ended with gains over 2% each. Wipro, Tata Motors and HDFC Bank ended with marginal gains.

Oil prices advanced above $125 on Friday and gains Nymex light crude oil for September delivery raised by $1.02 to close at $125.10 a barrel. In the commodity space, the Comex gold for December delivery tumbled $5.20 to settle at $917.50 an ounce.