Market may gain on positive global cues.

The strong Asian indices in morning trades and overnight gains in US markets may see market add gains. However, FIIs remaining net sellers in equities in last couple of sessions may hurt the investor sentiment. Among the local indices, the Nifty could test 3200-3250 levels on the upside and may slip to 3100 on the downside. The Sensex has a likely support at 10500 and may face resistance at 10800.

Major US indices registered gains on Tuesday with the Dow Jones gained by 305 points at 9625, the Nasdaq moved up by 54 points to close at 1780.

Except Rediff & Satyam all the Indian ADRs traded positive on the US bourses. HDFC Bank was the biggest gainer with a gain of over 7.63% followed by ICICI Bank & MTNL advanced above 7% each. While VSNL, Wipro, Infosys, Tata Motors, Patni Computers, and Dr Reddy's gain over 2-5% each.

Crude oil prices advanced further, with the Nymex light crude oil for December delivery gaining by $7.59 to close at $71.50 a barrel. In the commodity space, the Comex gold for December delivery gained $30.50 to settle at $757.30 an ounce.