DSIJ Mindshare

The benchmark indices BSE Sensex and Nifty were buzzing in the morning session on Tuesday. Nifty hit a new high. The market was up on positive cues following optimistic monsoon forecast for this rainy season.

Overall volumes in futures & options currently stand at 94.62 lakh contracts with a turnover of Rs. 6,40,559.64 crore.

Overall volumes in futures & options currently stand at 94.62 lakh contracts with a turnover of Rs. 6,40,559.64 crore.

In the coming session, bulls need to cross their immediate hurdle of 11,710, as sustaining above this level will likely open up further upmove towards its all-time high level of 11,760. But failure to cross and sustain above 11,710 level would lead  to consolidation and sideways movement where the levels of 11,640, followed by 11,550, are likely to act as support levels. Stocks in news: Dr Reddy’s Laboratories, Cipla, TCS, Prestige Estates Projects, Deepak Fertilisers and Petrochemicals Corporation, IndusInd Bank, Suven Life Sciences.

The outlook for the day is a soft start and the markets are expected to consolidate further during this truncated week. However, stock-specific volatility will continue as corporate earnings will continue to be on investors' radar. Wipro's results will be in focus today. At the time of writing, SGX Nifty was trading at 11,736.50 almost unchanged.