Sideways movement may continue

The market is likely to witness sideways movement on the back of a strong intra-day volatile moves. Stocks across sectors along with heavyweights may gyrate sharply. Overnight weakness in the US indices and mixed Asian markets in mornings trades may further dampen the investors' sentiment. On the technical side, the Nifty has a stiff resistance at 3100 and the downside cap at 3050, while the Sensex could test higher levels of 10075 and has a likely support at 9875.

US indices ended flat on Friday, with the Dow Jones closing below at 8852, 127 points down. The Nasdaq lost 6 points at 1711.

Indian ADRs also had a weak outing on Friday. MTNL was the major loser amongst the ADRs and declined 7.79% followed by Patni Computer which tumbled 6.20%, while ICICI Bank, Dr Reddy, Tata Motors, HDFC Bank, Infosys, VSNL and Rediff shed around 1-5% each. However, Wipro gained 9.93% and Satyam closed with the 7.95% gain.

Crude oil prices in the US market raised on Friday, with the Nymex light crude oil for November delivery gained by $2 to close at $71.85 a barrel and in the commodity space, the Comex gold for December series lost $16.80 to settle at $787.70 a troy ounce.