Market may remain uncertain

After Friday's carnage market may remain uncertain owing to lack of clarity and may witness sideways movement on the back of sharp intra-day volatility. Mixed fund inflows and global trend will be closely monitored for further direction. Among the local indices, the Nifty could test 4385 on the down side while on the upside it could find support at 4500. The Sensex is likely to get support at 15000 and may face resistance at 15450.

On the result front Andhra Bank, Asian Paints, Bhart Earth Movers, BHEL, Cairn India, Great Eastern shipping, Hinduja TMT, HPCL, I-flex solutions, India Infoline, India Cement, IOC, Jet Airways, Jindal Steel, M&M, Mirc Electronics, Nalco, NTPC, Oriental bank, Parsvanath Developers, Sun TV, Syndicate Bank, Tata Steel, Tata Teleservices and Wyeth are expected to announce the quarterly numbers.

Credit market worries followed by rising oil prices sent the US indices plummeting for the second straight session on Friday, while the Dow Jones declined by 208 points to close at 13265 and the Nasdaq also slipped 37 point at 2562.

The Indian ADRs also posted losses on the US bourses. MTNL lost over 4%, while Rdiff and Patini Computers fell over 3% each. Among other laggards, Infosys, VSNL, HDFC Bank, Tata Motors and ICICI Bank ended with losses of over 1-2% each.

Crude oil prices moved up, with the Nymex light crude oil for September series rising by $2.07 at $77.02 a barrel. In the commodity space, the Comex gold slipped by $2.80 to settle at $672.30 a troy ounce.