Here's what you could expect from the Markets today

The Nifty is likely to remain range-bound on Wednesday as major earnings have run their course and overseas cues do not present a strong trend in either direction. The logjam in the Parliament's Monsoon session deepens, which may act as a negative for the market.

Meanwhile, the SGX Nifty points to a flat opening for the Nifty today.

Global cues are flat. Major Indices in the US fell between 0.2-0.3 percent on Tuesday. The trend was flat to weak in European markets with top indices slipping up to 0.2 percent, except for the German market, which rose 0.1 percent. The commodity space remains positive for Indian equities. Gold Futures slipped for a 3rd day, to fresh 5-1/2 year lows; Oil Futures showed a minor uptick on the strength from Chinese equities. The metal complex continues to show no signs of life. And stocks in Japan, China and Hong Kong are showing mild upticks on Wednesday.

The Nifty Index closed at 8,516 points, up 26 points, on Tuesday, snapping a 4-day advance. Dealers are ramping up beaten down PSU banks as trading buys after their valuations became juicy. 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.

The sentiment remains mixed in the cash market. Foreign Institutional Investors totalled net buys of `119 crores on Tuesday, their 2nd day of purchases. In contrast net sales of `113 crores from domestic investors almost balanced the `buy' figure. The derivatives space saw muted action. There were net sales worth 231 crore rupees for Index Futures; Purchases of 849 crore rupees for Stock Futures; Purchases of `605 crore rupees for Index options and net sales of 15 crore rupees for Stock Options.

Today's major earnings are from Bata. Bombay Burmah, Canara Bank and Emami. Strong delivery based buying in Motherson Sumi, Bosch and Nestle on Tuesday.

Image credit: Indiatimes