Market expected to open positive

Positive close in US markets and firm Asian indices in morning trades may help the market open in the green. However, worries about FIIs remaining net sellers of equities in the domestic market and recent spike in crude oil prices could force the players to remain on the sidelines. The Nifty on the downside may dip to 2650 while on the upside it may test 2750. The Sensex has a likely support at 8775 and may face resistance at 9025.

US indices bounced back in a late session rally on Monday as Citigroup's massive rescue package and President-elect Obama's picks for his economic team pushed investors off the sidelines. While the Dow Jones advanced by 397 points at 8443, the Nasdaq added 88 points to close at 1472.

Indian floats, also, gained in US market and ended higher. VSNL was the major gainer and gained 27.41% followed by Wipro, HDFC Bank & Tata Motors where the gainers by over 10-14%, while Infosys, Satyam, ICICI Bank, MTNL & Patni Computer were up by 4-8% each. while Rediff & Dr Reddy was up by around 1% each.

Crude oil prices surged on Monday. The Nymex light crude oil for December delivery gained $4.57 to close at $54.50 a barrel. In the commodity space, the Comex gold for December series rose by $27.70 to settle at $819.50 a troy ounce.