Slide may continue

Market may slide further on account of weak Asian markets in morning trades and overnight fall in the US markets. The FIIs remained net sellers in equities for last couple of sessions may also weigh on the investors' sentiment. Key indices, the Nifty may get support at 2900 level and on the upside it could test higher levels at 3010. The Sensex has a likely support at 9,550 and may face resistance at 9,850.

US indices declined on Wednesday as investors weigh mixed economic data and concerns about the auto industry. While the Dow Jones slipped 100 points at 8419, while the Nasdaq lost 11 points to close at 1522.

Indian ADRs trading on the US bourses, too, succumbed to heavy losses. Among the major losers Satyam and MTNL, shed over 10-11% each. ICICI Bank, HDFC Bank, Tata Motors, Rediff and Patni Computers were down around 1-6% each. However, VSNL, Wipro, Infosys and Dr Reddy ended with steady gain.

Crude oil prices lost marginally, with the Nymex light crude oil for February delivery moved down by 93 cents to close at $38.98 a barrel. In the commodity space, the Comex gold for February series lost $9.10 to settle at $838.10 a troy ounce.