Market likely to move sideways

The presense of a sharp intra-day volatile trend due to lack of clarity may see the market remain edgy and move on the either side of the zone. US markets end flat coupled with a negative Asian indices trend in the present trades could drag down the local indices in early trades. The Nifty could test higher levels at 2660 and may find supports at 2580 or 2540, while the Sensex has a likely support at 8175 and may face resistance at 8475.

Major US indices finished flat on Friday, the Dow Jones advanced by 33 points at 6627, the Nasdaq moved down by 6 points to close at 1294.

All the Indian ADRs traded firm on the US bourses except MTNL. Satyam led the pack with gains of over 13.53% followed by Patni Computers with the gain of 10.22% while, VSNL, Rediff, HDFC Bank, ICICI Bank, Dr Reddy's, Infosys jumped over 1-7% and Tata Motors and Wipro closed with the marginal gains.

Crude oil prices in the overseas market gained, with the Nymex light crude oil for April series sliding by $1.91 to close at $45.52 a barrel and in the commodity space, the Comex gold for April delivery rised by $14.90 to settle at $942.70 an ounce.