The Indian markets may see a quiet opening due to the uneven cues from the global markets. The US markets closed lower while the Asian markets is largely in the green. The SGX Nifty is up 11 points at 5,596.
Overnight,the US stocks extended losses led by technology shares as the market interpreted the Fed chairman's comments as suggesting there would be no immediate or near-term stimulus to boost the economy.
The Dow Jones industrial average was down 0.27%, at 12,457.The Standard & Poor's 500 Index was down 0.50%, at 1,311.The Nasdaq Composite Index was down 1.08%, at 2,767.
In the Asian markets, the Japanese stocks gained in early trading, shrugging off weak offshore leads, with technology stocks among the leading gainers.Export oriented scrips benefited from a softer yen in Japanese trading
However, Hong Kong stocks declined on weak overseas cues and a fresh Standard & Poor's warning of a possible downgrade of U.S. credit ratings, with shares of property developers leading the fall. The Hang Seng Index fell 0.4% in the opening trades but has regained and is up 0.1% at 21,970.
In Beijing, the markets started in the red as restrictions on home purchases have been extended to more cities. However, as the financial scrips improved China's Shanghai Composite gained 0.2% to 2,817.
Back in India, technically 5540 is a strong and a very crucial level to watch which is the support for the Nifty and the resistance is at 5618, says Prakash Gaba, a Mumbai based technical analyst.
The stocks to watch for the day are Tata Consultancy Services after its stellar Q1 results toppling Infosys in terms of Ebitda margins, Balaji Telefilms, Essel Propack,Gujarat NRE Coke and TTK Prestige whose results are expected today.