US markets as was expected closed absolutely flat so also was brazil. European markets which close earlier than us markets were 1% up. Asian markets after the big rise of monday have opened mildly weak & may close flat to mildly weak .
For indian markets, expect a flat to mildly weaker opening. The trading range is likely to be confined within the mondays trading range of4656 to 4596 to finally close flat or mildly weak. Unless there are further +ve cues from us markets, the chances of further up move beyond 4700 looks to be highly remote before expiry.
For intraday trading on tuesday, in case nifty falls below 4625, the low of the pin bar in the hourly chart above, chances of further fall towards 4596 to 4588 or even lower levels may be expected. Similarly on the higher side a rise to breach 4656 can nullify this bearish pin bar. Most likely nifty is likely to trade in a tight range with a negative bias to harass option buyers & reward option writers.
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