 "Traders work on the floor of the New York Stock Exchange")
After hitting a two-month high on Monday, the markets could see some sideways movement today. Global cues, however, remain mixed with most Asian markets trading marginally higher and the US markets ending nearly flat overnight.
Wall Street closed little changed on Monday as investors searched for fresh catalysts and showed concerns about fully-extended share prices after a five-week rally.
The session, which closed slightly higher and opened slightly lower, followed a market-friendly move by the US Federal Reserve last week that pushed the S&P 500 and Dow into positive territory for the year.
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The Dow Jones industrial average closed up 21.57 points, or 0.12%, the S&P 500 gained 2.02 points, or 0.1% and the Nasdaq Composite added 13.23 points, or 0.28%.
Asian stocks were trading cautiously on Tuesday, as hawkish comments from US Federal Reserve officials stoked uncertainty about policy makers' intentions less than a week after Fed Chair Janet Yellen had set out a more cautious path to rate increases this year.
MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.1%. Japan's Nikkei stock index added 2%, reopening after a public holiday on Monday and getting a tailwind from a weaker yen.
Key levels
Back home, markets ended on a strong note on Monday, as clamours for higher than expected rate cut by the Reserve Bank of India (RBI) grew louder with bank shares leading the gains.
The S&P BSE Sensex ended up 332 points at 25,285 and Nifty50 ended above 7,700- first time since January 6, 2016 as it finished at 7,704, up 100 points.Broader markers outperformed their larger peers as BSE Midcap and Smallcap indices ended up by 1.4% each.
"After previous weeks’ strong close, the Nifty once again moved higher in today’s trading, scaling 7700 on its way up and ending with a strong candlestick as well that was suggestive of further near term gains towards 7780-7850 range. Market breadth too ended strong for the day as was clearly visible in the charts of Nifty Mid and Small cap indices as well by the close of the day’s trading," said Siddhartha Khemka, head of research, Centrum Wealth in a note.
"The intra-day trend was also strong and was indicating a flag pattern breakout which can lead to further gains in the coming weeks. Support on the other hand is expected to increase in case of drops towards 7550 which was the latest-most breakout level," he adds.
"USDINR is expected to open in the range of 66.55 – 66.62 and can dip to 66.45 during the day. Later in the day, the trend will be sideways to up. Buying on dips is recommended for intraday trading. Expected intraday trading range is 66.45 – 66.80," said Mohammed Azeem Gaziani, Analyst - Technicals (Currencies) at Nirmal Bang in a report.
With Reuters inputs
"USDINR is expected to open in the range of 66.55 – 66.62 and can dip to 66.45 during the day. Later in the day, the trend will be sideways to up. Buying on dips is recommended for intraday trading. Expected intraday trading range is 66.45 – 66.80," said Mohammed Azeem Gaziani, Analyst - Technicals (Currencies) at Nirmal Bang in a report.
With Reuters inputs
