Teresa Barger of Cartica Capital says these are extremely nervous times for global markets which are waiting for outcomes firstly from the US Fed meet, then June 23 Brexit decision.
Stocks in the US closed down on Monday despite oil settling higher, as concerns about Greece continued to weigh. The CBoE VIX closed around 18 levels
Today is expected to be volatile day on account of multiple cues. The US Federal Reserve has made it clear that no rate hike is imminent.
Global markets, however, are in the red with the US markets slumping and the S&P 500 falling below its average from the past 200 days.
What is likely to aid traders sentiment at Dalal Street is the positivity seen in global markets. Wall Street rallied on Tuesday as concerns over the Ukraine ebbed. Both Dow and S&P 500 bounced back after their worst hit in a month. The CBOE VIX plunged 11 percent.
Amit Trivedi of Investworks.in believes that implied volatility has shot up and there are no rate cut expectation from July 30 policy, so banks should stabilise over here.
It has been an interesting week for the market. Today, the market may seem to have a little flatness indicated by global cues, says CNBC-TV18's managing editor Udayan Mukherjee.
CNBC-TV18's managing editor Udayan Mukherjee expects it to be a positive week, but says earning and news flow will pave the course for the market.
In a conversation to CNBC-TV18, Amit Gupta of ICICI Direct said that 4,950 is a very critical level for the Nifty. Gupta suggest picking stocks like Indian Hotel, IVRCL, HDIL, BHEL and PFC as they have higher leverage right now.
The Nifty has had a terrific comeback yesterday, all the way back to 5,850. Today is the big day for results from Reliance and TCS. It is also the last trading day of the week. With global cues supportive, can we get back to the 5,900 plus levels where we slipped from last week, asks CNBC-TV18's managing editor Udayan Mukherjee.