Weak global indices may weigh on sentiment

The market is likely to remain under pressure after a overnight fall on the US market and weakness among major Asian indices in the ongoing trades. However, On the technical front, the Nifty could test higher levels at 2850 and may find support at 2750, while the Sensex may face resistance at 9450 and find support at 9150.

Stocks tumbling in US markets on Tuesday as investors eyed Citigroup's massive job losses and a weak manufacturing report, while awaiting the fate of a potential bailout for the automakers. The Dow Jones slipped 224 points to close at 8274, the Nasdaq lost 35 points to close at 1482.

All the Indian ADRs fell in tune with the broader market except few. Rediff led the slump and tumbled 3.91% followed by Wipro (down 2.69%), HDFC Bank (down 1.62%), VSNL (down 1.40%), Infosys (down 1.17%), Dr Reddy (down 0.62%), ICICI Bank (down 0.60%) and Satyam (down 0.19%). However Tata Motors gained 6.97%, MTNL & Patni Compuetrs soared marginally.

Oil prices fell Monday, ended at a 21-month low as fears over the global economic slowdown accelerated on news that Japan officially fell into a recession. Crude oil prices for December delivery fell $2.09 to close at $54.95 a barrel. In the commodity space, the Comex gold for December delivery lost 50 cents to settle at $742 an ounce.