Bulls firmly in charge in global mkts; all eyes on Greece

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There was bit of sluggishness on Tuesday, didn't quite make it past 5,400 mark on the Nifty, so there was certain loss of momentum. Today could be an important day for global markets because we could have a final resolution on the Greek deal, which might determine the next course of action for global and local markets, reads CNBC-TV18's managing editor Udayan Mukherjee.

Otherwise, things are flattened out a little bit over the last 24 hours globally and locally. That is the key thing to watch today because there was a bit of a loss of momentum globally over the last couple of days. People are just pausing to see which way the Greek deal goes.

The Wall Street Journal reports that the deal should be signed today and they have arrived at some kind of consensus. If that is right and later in the evening we figure out that Greece is behind us at least for the moment, then that might unleash a little bit more money or quite a bit more money to the global system and one could see a continuation of the rally.

In any case global markets are still strong. The Dow managed to bounce back from yesterday's intraday losses so, the bulls are firmly in charge in the global markets at this point. They just need to be egged on little bit by the passage of the Greek deal and that might happen today. So, there is a pause but in the next 24 hours may be there will be excitement again.

We did a bit of marking time yesterday and there was a sign of tiredness in the market. We could not quite make it past 5,400 mark. Today again the outcomes depends on global markets too because yesterday, the broader market showed some sign of correction and it looked more keen to just give some of the recent profits. However, there is no sign of reversal or slipping into a correction yet.

All that we saw yesterday is some consolidation with a correcting bias and one should expect to see that after such a powerful rally, that might continue for a few days or not depending on which way Greek swings. But this market needs a strong trigger on the way down to correct significantly. Else it may just move into a bit of a consolidation sideways drifting mode for a few days to soak up so much of the rally and that has happened already over the last five weeks. A loss of momentum was visible yesterday, but I don't think a sign of reversal has come yet.

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