Market may move sideways

While decent earnings numbers from Infosys and TCS helped the market register gains in the last two sessions, the sentiment is expected to be driven by earnings expectations and movement in the global indices. Also strong fund inflows for last few sessions may help the sentiment remain bullish. However, the market may witness sideways movement during intra-day trades on the back of overnight gains in US markets and mixed Asian markets in the morning trades. Among the indices, the Nifty has a resistance at 4025 while on the downside the index has a support 3961. The Sensex has a likely support at 13400 and may face resistance at 13855.

US indices rallied on Monday on the back of strong results in the financial sector, merger activity and an economic report that underscored the resilience of U.S. consumers. While the Dow Jones surged 108 points at 12720, the Nasdaq ended 26 points higher at 2518.

Indian floats ended with gains on the US bourses. Patni was the leading gainer and rose over 7% while VSNL, MTNL, HDFC Bank, ICICI Bank and Tata Motors gained over 3-5% each. However, Infosys, Styam, Dr Reddy's and Wipro managed to add 1-2% each.

While the Nymex light crude oil for May delivery moved down by two cents at $63.61 a barrel. In the commodity space, the Comex gold for June series jumped by $4.60 to settle at $689.90 a troy ounce