Market to open higher on global cues

Positive close in US markets and firm Asian indices in morning trades may help the market open in the green. FIIs remaining net buyers of equities in the domestic market may also help to gain further. However, recent spike in crude oil prices could force the players to remain on the sidelines. The Nifty on the downside may dip to 3000 while on the upside it may test 3100. The Sensex has a likely support at 9800 and may face resistance at 10100.

US indices closed positive on Friday with the Dow Jones advanced by 258 points at 9035, the Nasdaq added 55 points to close at 1632.

All the Indian floats trading on the US bourses ended positive except Satyam. ICICI Bank, HDFC BanK and Tata Motors was the major gainer and moved up over 6-7% each. Dr Reddy's, MTNL, Wipro and Infosys gained more than 2-4%. while VSNL, Rediff and Patni Computers ended with decent gains.

Crude oil prices surged further while Nymex light crude oil for February delivery gained $1.74 to close at $46.34 a barrel. In the commodity space, the Comex gold for March series decline by $4.80 to settle at $879.50 a troy ounce.