Markets are likely to start off in the green on account of positive global cues.At 700 am Indian Standard Time, the SGX Nifty was up 10 points at 5605.5.
According to technicals, the NSE index could witness a pull-back in trades tomorrow as global cues are positive. For, if the index is able to sustain above 5,570 a bounce back to 5,630-odd levels look imminent. On Tuesday, the NSE index may seek support around 5,555-5,545, while face resistance around 5,585-5,600.
Overnight, Wall Street rallied on Monday, with the Nasdaq Composite up 2 percent, as investors were encouraged by the early tone in talks to tackle the U.S. fiscal crunch and by data that showed an advance in the housing sector's recovery.
The Dow Jones industrial average rose 176 points, or 1.40 percent, to 12,764. The S&P 500 Index gained 24 points, or 1.7 percent, to 1,384. The Nasdaq Composite added 57 points, or 1.9 percent, to 2,910.
Asian shares rose on Tuesday on hopes of a compromise in the U.S. fiscal crisis, while the euro fell after Moody's Investors Service scrapped France's top-notch credit rating, reminding investors of the protracted euro zone debt crisis.
MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.3 percent and South Korean shares opened 1 percent higher.
Japan's Nikkei average opened up 0.5 percent at a fresh two-month high.
STOCKS TO WATCH
Monnet Ispat and Energy may see an uptick as the company is soon set to soon acquire majority stake in a 25-million tonne coal mine in Colombia.
Drug maker Panacea Biotec too may see some moves as it entered into a strategic alliance with Kremers Urban Pharmaceuticals for 11 niche generic drugs in the US, which has an estimated market size of $4 billion at the innovator level.
Sistema Shyam may see result reaction as the company reported that its net loss had narrowed to Rs 495 crore for the third quarter ended September 30.
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