<b>Pre-mkt:</b> Range-bound day likely

The markets are likely to be open on a strong note and thereafter exhibit remain range-bound movement today. Profit booking at the higher levels cannot be ruled out as F&O players may not be willing to carry-forward their positions ahead of Fed Reserve meeting tonight.

Technically Nifty has moved into sell mode from neutral mode with support at 5,940. If the support is breached it can go down further.

According to Religare Research, Hindustan Unilever has moved into buy mode as its put/call and weighted PCR indicators have turned positive. ONGC and Reliance has moved into sell mode due to its PCR & WPCR indicators turning negative.

According to Deepak Singh, editor State of the Markets, three dojis near resistance zone clearly indicates hesitation on the part of the market. The market has to make an important decision - Making new highs and then moving up. Making a new high is always considered significant because it tells that buying force has completely overpowered the selling force, and large numbers of people still want to go long in this market. 

Given that Fed will cut rates by 25 basis points tonight with surprise may come from the fact that Fed decides not to cut rates or cut rates by 50 basis points or Fed says something which market is not aware of. All of that seems unlikely at this point of time because Fed is under pressure to cut rates.