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After yesterday's sell-off, markets are likely to start on a flat note owing to muted Asian cues. Early indicator, SGX Nifty was down 19 points at 8,451.
Given the market momentum, Nifty is likely to retest the levels of 8,450 in today's trade.
Meanwhile, some of the brokerage houses are advising their clients to partially books profits in any rise from current levels.
In Asia market, stocks edged up on Wednesday after data showing the U.S. economy growing at a relatively solid pace calmed investor anxiety over slowing global growth.
MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.3%. South Korea's Kospi tacked on 0.1% and Australian shares rose 0.9%.
Tokyo's Nikkei retreated 0.3%, weighed by the yen's bounce.
US stocks ended little changed on Tuesday as the U.S. economy grew more than expected last quarter but soft readings on consumer confidence and house prices kept major indexes in a tight range.
The Dow Jones industrial average fell 2.96 points, or 0.02%, to 17,815, the S&P 500 lost 2.38 points, or 0.12%, to 2,067 and the Nasdaq Composite added 3.36 points, or 0.07%, to 4,758.
Stocks to Watch
Banks are likely to be in focus as Reserve Bank of India Governor Raghuram Rajan said that the Government is in plans to give banks more flexibility while restructuring distressed loans
Financial Technologies & MCX: FTIL announced the sale of its five per cent stake in MCX-SX to ace investor Rakesh Jhunjhunwala, along with 12 others, in a deal amounting to over Rs 88 crore
Coal India, ONGC, SAIL: Finance ministry officials confident that Coal India, ONGC, SAIL, and NHPC will hit the market by the end of January
Kotak Mahindra Bank: Announced its will foray into the general insurance business
Reliance Industries: Has sought interest on the $1.41 per unit that buyers of KG-D6 gas are paying into a gas pool account operated by GAIL India
Tata Coffee: Board approved proposal to split company's equity shares from the existing face value of Rs 10 per share to Re 1 per share
Aurobindo Pharma: Recalls anti-epileptic drug in US
Greenply Industries: Ahead of its record date for the proposed demerger from its decorative business
