Market may start buoyant

The benchmark indices, Sensex and Nifty, are expected to commence on a firm note and witness significant rally during intra-day trades, as international markets backed by firm US and Asian indices may help the sentiment remain buoyant. Among the Asian majors, Nikkei has surged 200 points at while Hang Seng has scaled up 300 points. On the technical front, the Nifty could test in the 2820-2860 range on the upside and has support at 2750, while the Sensex has a likely support at 9000 and may face resistance at 9300.

US indices posted steady gains on Tuesday with the Dow Jones moving 142 points up to close at 8078, while the Nasdaq added 22 points to close at 1516. Indian floats rallied on the US bourses.

Crude oil prices in the US market moved up, with the Nymex Light crude oil for March 09 delivery moving down up 70 cents to close at $40.78 a barrel. In the Commodity segment, the Comex gold for April 09 series lost $14.70 to settle at $892.50 a troy ounce.