Stock market today: Gift Nifty down 9 pts; levels to watch for Nifty, Sensex & Nifty Bank

Indian equity benchmark indices are poised to open higher on Tuesday, after struggling to hold on to the record highs hit in the previous session due to profit booking, weakness in Indian rupee and foreign outflows. A potential US-India trade deal and delivery on the earnings promise are essential for the market rally to sustain. Nifty futures on the NSE International Exchange traded 9.20 points, or 0.03 per cent, down at 26,325.50, hinting at a muted start for the domestic market on Tuesday. Stocks made muted gains and traders were wary on Tuesday. KOSPI gained more than 1.5 per cent, while Hang Seng and Nikkei were up half-to-three fourth of a per cent. Markets surrendered early gains and pulled back sharply from record highs as profit-booking set in amid weak global cues and a cautious interest-rate outlook, said Vikram Kasat, Head of Advisory at PL Capital. "The rupee touching an all-time low added to the risk-off mood. Broader indices remained subdued, and sentiment was further weighed down by concerns over expensive valuations." US stocks ended mixed on Monday, weighed down by a jump in Treasury yields and economic data, as investors looked toward the US Fed's policy announcement. The Dow Jones Industrial Average fell 427.09 points, or 0.90 per cent, to 47,289.33, the S&P 500 lost 36.46 points, or 0.53 per cent, to 6,812.63 and the Nasdaq Composite shed 89.76 points, or 0.38 per cent, to 23,275.92. The US dollar remained under pressure on Tuesday as weaker-than-expected manufacturing activity data from the world's biggest economy heaped pressure on the Federal Reserve to cut interest rates at its policy meeting later this month. The US dollar index edged lower to 99.408. Gold hung on to recent gains at just above $4,200 an ounce. Oil prices climbed in early trade on Tuesday for a second consecutive session as market participants assessed risks stemming from Ukrainian drone strikes on Russian energy sites and mounting US-Venezuela tensions. Brent crude futures rose 14 cents, or 0.2 per cent, to $63.31 a barrel. US West Texas Intermediate crude gained 18 cents, or 0.3 per cent, to $59.50 a barrel. The recent pause reflects a healthy consolidation phase, and traders should continue to maintain a positive bias, said Ajit Mishra, SVP of Research at Religare Broking. We advise a stock-specific trading approach, with preference for banking, auto, and metal names, while being selective in other sectors," he adds. Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 1,171.31 crore on Monday. On the other hand, domestic institutional investors (DIIs) turned buyers of Indian equities to the tune of Rs 2,558.93 crore on a net-net basis. Nifty50 & Sensex outlook Intraday market formation is range-bound, and this range-bound activity may continue in the near future, said Shrikant Chouhan, Head of Equity Research at Kotak Securities. "26,100/85500 and 26,000/85,000 remain key support zones, while 26,300–26,350/86,000-8,6200 would act as crucial resistance areas for the bulls. Below 26,000/85,000, the uptrend could become vulnerable. Nifty50 faces key resistance at 26,300–26,400, and a breakout above this range could pave the way for a move toward 26,500, said Amruta Shinde, Technical & Derivative Analyst at Choice Equity Broking. "Immediate supports are placed at 26,150 and 26,000. As long as the index holds above the 26,000 mark, a buy-on-dips approach continues to remain constructive." Nifty Bank outlook Nifty Bank marked a fresh all-time high but witnessed profit booking. Going ahead, the 60,000-60,100 zone will act as an important hurdle, said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities. "Any sustainable move above the 60,100 will lead to a sharp upside rally upto the 60,600. While on the downside, the zone of 59,300-59,200 will act as important support." Nifty Bank has formed a bearish candle with a similar open and high highlighting profit booking at higher levels near the all-time high, said Bajaj Broking. "A follow through strength above Monday’s high will open further upside towards 60,400 and then towards 61,000 levels in the coming weeks. Support is placed at 58,300-58,600 levels being the confluence of the last two weeks."