Morning Market Insights:

Indian Markets will react firstly on the global cues which are currently muted to negative for the market sentiments. Nifty is expected to again consolidate after the carnage on the street in the last session where the MSCI rebalancing and bad Monsoon Update have weighed on the market sentiment. The range for the index is around 23400-23900 zone with bias on buy on dips for short term traders. Bank Nifty is looking neutral on the charts with good stocks specific action likely to continue in the today’s session as well. The overall trend of the index is now sideways with good buying expected today from the lows if the correction continues. The sentiment on the street will remain neutral with support for the index placed around 53400-53500 while 54400 remains resistance for the day. $FEDERALBNK $MCX