Global markets are giving mixed signals this morning. US markets closed mostly flat overnight, but tech stocks stayed weak and bond yields moved higher again. For India, the bigger issue is still crude oil and rupee weakness. Brent crude is now above $107 because of continuing Middle East tensions and worries around the Strait of Hormuz. USD/INR is also trading near 95.6, which is creating more pressure on import-heavy sectors. Asian markets are mixed and Gift Nifty is showing a flat start after yesterday’s sharp fall. Nifty also seems to be slowly moving towards filling the pending gap near the 23100 zone. For today, market will watch whether Nifty can stay above the 23300–23400 zone. If crude oil rises more, upside may remain limited even if buying comes at lower levels.

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