Here's some Stock Market action you should look out for today

The Nifty may remain in a consolidation phase with an upward bias as traders await the outcome of The Reserve Bank of India's moves on the Interest rate front on Tuesday. The crisis in the Parliament's monsoon session has deepened with 25 MPs from the Congress being suspended for obstructing work.

Meanwhile, the SGX Nifty signals a 7-point gap down opening for the Nifty today. The central bank is likely to maintain status quo on rates but its commentary on the outlook for oil prices, inflation and the deficits will decide the near-term fate of indices.

Global cues are flat. Major Indices in the US fell between 0.3-0.5 percent on Monday. The trend was mildly bullish in European markets with top indices adding 0.8-1.2 percent, except for the UK market, which fell 0.1 percent. Sentiment from the commodity space remains positive for Indian equities. Gold Futures slipped for a 2nd day, to fresh 5-1/2 year lows; Oil Futures inched up, while the metal complex remained weak. And stocks in Japan, China and Hong Kong are down between 0.1-0.5 percent.

The Nifty Index closed at 8,543 points, up 10 points, on Monday. PSU banks led the advance. The index is now trading substantially above its 200-DMA, indicating that bulls are in control of the market. The Nifty has a strong support at 8,500-8,450 levels while the resistance is seen at the 8,567-8,637 point level.

Sentiment is mixed in the cash market. Foreign Institutional Investors posted net buys of `350 crores on Monday, their first purchase in 6 days. In contrast net sales of `33 crores from domestic investors were totalled, their first negative figure in 7 days. The derivatives space was muted. There were net sales worth 188 crore rupees for Index Futures; Purchases of 463 crore rupees for Stock Futures; Purchases of `589 crore rupees for Index options and net sales of 49 crore rupees for Stock Options.

Today's major earnings are from Bharti Airtel, Britannia, JK Tyres and Hexaware Tech.

Image credit: Indiatimes