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According to GIFT Nifty futures, Dalal Street will open weaker on the morning of Wednesday, May 28, down 10 points, while global cues were mixed in combination with ongoing uncertainty around the currencies and bonds markets. At 7:00 am, the GIFT Nifty on the NSE IX was down 7.5 points, or 0.03 per cent, at 24,854 - indicating a flat-to-weak open for the benchmark indices. 

The US markets surged sharply higher last night with the Nasdaq up 2.47 per cent and the S&P 500 climbing 2.05 per cent, indicating optimism as consumer confidence improved and some easing of trade tensions served to increase risk appetite amongst investors. Meanwhile the Asian markets opened somewhat mixed but exhibited marginal positives despite Wall Street's strongest overall 1 day performance in over two weeks. Japan's Topix was up 0.6 per cent and Australia's ASX 200 was up 0.5 per cent. The Hang Seng futures suggested the traders are adopting a cautious approach as they were only up slightly by 0.2 per cent. 

Despite the drop of 0.7 per cent in the Nifty on Tuesday, technical analysts are still optimistic in space for the short-run. The index is expected to have support around the 24,700 area; while on the upside the resistance will likely be in the 25,000-25,150 range. The India VIX index closed at 18.54 after an increase of 3 per cent - indicating that some uncertainty is still present.

The Indian rupee, which closed Tuesday at 85.40 against the US dollar, declined by 30 paise to shut things down.

Foreign investors were net buyers by Rs 348.45 crore on Friday, while domestic institutional investors (DIIs) pumped in Rs 10,104 crore, offsetting some foreign selling. Meanwhile, FII net shorts in index futures widened sharply to Rs 67,419 crore, up from Rs 51,312 crore on Monday, signifying caution ahead of macroeconomic data.

RBL Bank is under the F&O ban list today, having breached 95% of the market-wide position limit. 

Gold was trading marginally higher in early trade, getting support from US bond yields softening and the dollar weakening. Market participants are eying the upcoming US core PCE inflation data this week to indicate the Federal Reserve's rate path.

Given the flat global cues, rising volatility, and cautious institutional buying, markets are likely to remain in a range-bound action for the early part of the trade. Investors should remain cautious on US inflation data, rupee and global trade headlines for cues.

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