Sideways movement to continue

After registering marginal gains in Friday's trades the market is expected to be remain subdued following the mixed global cues. The market may witness sideways movement during intra-day trades. However, the current net inflows from FIIs may help the sentiment to turn positive. The Nifty could test 3,000 on the downside and may test higher levels at 3,130 and on breaching this level may test the short-term target of 3,180, while the Sensex has a likely support at 9,950 and may face resistance at 10,200.

US indices little changed on Friday, with the Dow Jones lost marginally by 25 points at 8579, the Nasdaq gained 12 points to close at 1564 .

Among the Indian ADRs trading on the US bourses, 5 out of 11 floats ended on a positive turf. Tata Motors led the upmove and rose 11.54% while Dr Reddy, Wipro, ICICI Bank and infosys gained over 0.31% - 6% each, while VSNL, Satyam, Rediff, Patni Computers, HDFC Bank and MTNL slipped over 1% - 6%.

Crude oil prices in the global market extended their downward trend, with the Nymex light crude oil for January 09 series slippped by $2.35 at $33.87 a barrel. In the commodity space, the Comex gold for February delivery moved down by $23.20 to settle at $837.40 a troy ounce.