Slide may continue

Market may slide further on account of weak Asian markets in morning trades and overnight fall in the US markets. Continued selling pressure may also drag the domestic indices further down. The FIIs remained net sellers in equities may also weigh on the investors' sentiment. Key indices, the Nifty may get support at 2750 level and on the upside it could test higher levels at 2850. The Sensex has a likely support at 8,950 and may face resistance at 9,250.

US indices slumped to two-month lows Tuesday as investors looked beyond President Barack Obama's historic inauguration to the battered economy he inherits. While the Dow Jones slipped 332 points at 7949, while the Nasdaq lost 88 points to close at 1441.

All the Indian ADRs fell in tune with the broader market. ICICI Bank led the slump and tumbled 13.05% followed by HDFC Bank down by 11.14%, Satyam, VSNL,Dr Reddy, Wipro and MTNL slipped over 5-8% each. Infosys, Tata Motors, Rediff and Patni Computer dropped over 1-4% each.

Crude oil prices gained, with the Nymex light crude oil for February delivery moved up by $2.23 to close at $38.74 a barrel. In the commodity space, the Comex gold for February series gained $15.30 to settle at $855.20 a troy ounce.