Market may remain steady with upward bias

A positive opening in most of the Asian indices in ongoing trades and prevailing strong bullish sentiment may help the local market advance further. However, market may witness some volatility in later part of the session due to further selling in FIIs. Among the local indices, the Nifty could test 3,030 on the upside and may slip to 2,930 on the downside. The Sensex has a likely support at 9,500 and may face resistance at 9,850.

Us indices closed positive on Tuesday, as investors scooped up a variety of shares hit hard in the 2008 stock market battering. While the Dow Jones gained 184 points at 8668, and the Nasdaq gained by 40 points at 1551.

Indian floats trading on the US bourses fared better on Tuesday, the gainers were, Satyam registering the highest gains over 4.04% while Infosys, Dr Reddy's, HDFC Bank, MTNL, Patni Computers and and ICICI Bank gained around 1-2% each. Wipro, Tata Motors, VSNL and Rediff, however, dropped around 1% each.

Crude oil prices slipped marginally, while the Nymex light crude oil for February delivery slipped by 99 cents to close at $39.03 a barrel. In the commodity segment, the Comex gold for February series moved down $5.30 to settle at $870 an ounce.