A close below 10,560 with a bearish candle on the charts suggests the index may continue facing resistance around 10,560 and 10,630.
Higher crude oil prices and the rupee’s weakness will continue to dampen sentiment putting pressure on the fiscal deficit and bond yields in the short term, Vikas Jain of Reliance Securities feels
Asian markets were subdued, shrugging off gains seen on Wall Street as recent US-China trade tensions cooled.
For the day, the USD-INR pair is expected to quote in the range of 67.80 and 68.35, according to Motilal Oswal.
Considering the technical and derivative evidence discussed above, we believe that the trend of the Nifty has turned bearish for the short term.
In April, SGX said it would list new Indian equity derivative products in June, a move which follows a decision by India's three main bourses to stop licensing their indexes to overseas exchanges.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 27 points, or 0.26 percent. Nifty futures were trading around 10,515 on the Singaporean Exchange.
Sectors which are likely to see increasing pressure thanks to a rise in crude oil prices are upstream oil companies.
A list of important headlines from across news agencies that could help you trade today.
Brent crude futures were at $79.37 per barrel at 0110 GMT, up 15 cents, from their last close. Brent broke through $80 for the first time since November 2014 last week.
The Dow Jones Industrial Average rose 298.2 points, or 1.21 percent, to 25,013.29, the S&P 500 gained 20.04 points, or 0.74 percent, to 2,733.01, and the Nasdaq Composite added 39.70 points, or 0.54 percent, to 7,394.04
Bears have tightened their hold on D-Street, which is evident from the fact that the widely tracked Supertrend indicator gave a sell signal on the charts on Monday.
The bigger casualty was the broader market as the S&P BSE Midcap index closed 1.6 percent lower while the S&P BSE Smallcap index slumped 2.2 percent.
Nifty Midcap was down more than 300 points and about four shares declined for every share rising on the NSE
The Nifty index has a strong support near 10,500 levels but as long as the index holds below 10,550 there is a higher probability of the index testing lower support placed at 10,300-10,400 levels, suggest experts.
The broader markets underperformed frontliners following dismal earnings, with the Nifty Midcap index declining 321 points.
The most actively traded stocks on the NSE were Indostar, Maruti Suzuki, Ashok Leyland, Century Textiles and Reliance Industries.
We do not rule a possibility of US yields rising to say 4.5 percent from current 3 percent. We believe this will be a big negative for global equity markets.
Realisations increased 7 percent during the quarter YoY and raw material cost as percentage of sales fell more than 180 points YoY.
The decision comes at a time when authorities are clamping down on shell companies - listed as well as unlisted - for being allegedly used as conduits for illicit fund flows.
Fall in crude prices and rupee against the dollar would bring some respite to investors
The rupee recovered from a fresh 16-month low of 67.08 against last Friday's closing level of 68.00 per dollar at the inter-bank foreign exchange here.
According to Satish Gupta of astrostocktips, Hindustan Unilever, Colgate Palmolive, Godrej Consumer, P&G, Marico and Jyothy Labs will get astrological support.
As many as 129 stocks on the BSE hit a fresh all-time lows in May.
The breadth of the market favoured declines, with 689 stocks advancing, 893 declining and 453 remaining unchanged. On BSE, 789 stocks advanced, 866 declined and 88 remained unchanged.