Market may witness pull-back

After losing 300 points in the last session the market is likely to head northwards on firm Asian indices, which are up around 1-2% in morning trades. Among the domestic indices, the Nifty could test higher levels of 2900 and may dip to 2800 on the downside. The Sensex has a likely support at 9350 and may face resistance at 9650.

A late session push by the tech sector helped the US indices end their losing streak. While the Dow Jones flared up by 552 points at 8835, the Nasdaq moved up by 97 points at 1,597.

All the Indian ADRs traded firm on the US bourses. VSNL led the pack with gains of nearly 18.30% followed by Wipro, Satyam Computer, Patni Computer & HDFC Bank gained above 11%, ICICI Bank, MTNL and Infosys jumped over 7-9% each. Among other gainers Dr Reddy's Lab,Tata motors and MTNL added around 2-3% each.

Crude oil prices advanced, with the Nymex light crude oil for December delivery gaining by $2.08 to close at $58.24 a barrel. In the commodity space, the Comex gold for December delivery lost $13.30 to settle at $705 an ounce.