Global cues flat; Nifty within striking distance of 5400

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The market is still within striking distance of 5,400 levels. There was a bit of turbulence in the market on Monday. At one point it looked like Europe was just going in for a bit of correction, but that never happened. The markets bounced back and the Nifty closed in the green.

Today, global cues are flat so, we will have to see if we can take another small step towards 5,400 levels as the SGX Nifty is indicating, reads CNBC-TV18's managing editor Udayan Mukherjee.

Brent has jumped to six-month high and that is a worry for us for sure. That cannot be comforting for us. Even the European situation is dragging on beyond the comfort level of most people. But market seems remarkably complacent about it. There is liquidity talking right now there is just so much of it sloshing around that people I don't think care too much about issues in the environment like crude or Greece.

So, it looks like there might be a bout of volatility somewhere down the road. But for now, the market seems to be ignoring any possible road bumps to the rally we have had. We thought yesterday would be the dead line for Greece, that has been extended. So again, we will have to watch today afternoon and see if there is some resolution coming along. If it does not then certainly it has the potential of triggering in some correction, liquidity not withstanding.

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