Indian benchmark indices BSE Sensex and NSE Nifty 50 are likely to open on a muted note after hitting new 52-week highs in the previous session. Trends in the SGX Nifty hinted at a flat to positive start for domestic equities as Nifty futures were trading marginally higher at around 18,405 levels on the Singapore exchange. “As long as Nifty holds the 18077 support, its immediate goal post is seen at its all-time-high at 18605 mark and then aggressive targets at the psychological 19000 mark,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities.

Key things to know before market opening bell

Global market watch: Wall Street’s main indices ended lower on Monday, The Dow Jones Industrial Average fell 0.63%, the S&P 500 lost 0.89%, and the Nasdaq Composite dropped 1.12%. Shares in the Asia-Pacific were trading mixed on Tuesday ahead of a slew of economic data that is scheduled to be released from China. South Korea’s Kospi gave up earlier gains to fall 0.41%. Japan’s Nikkei 225 was trading flat. In China, the Shanghai Composite was slightly higher, while the Shenzhen Component lost around 0.2%. Hong Kong’s Hang Seng index rose 1.42%. The MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.68% higher.

Nifty technical view: A small negative candle was formed on the daily chart, which is indicating a consolidation movement in the market at the highs. “The positive chart pattern like higher tops and bottoms continued on the daily chart and the swing high of Monday could signal a possibility of new higher top of the sequence. Hence, there is no confirmation of any higher top reversal pattern unfolding at the highs. The near term uptrend status remains intact and the market is now showing minor consolidation at the hurdle of 18350 levels. The choppy movement/minor weakness could continue for the next 1-2 sessions before showing another round of sharp upside bounce from the higher lows,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Levels to watch for: “According to volume profile, 18150 may act as immediate support, while on the upside, 18500 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 41200 while resistance is placed at 42800. The performance of the upcoming sessions is probably going to remain very stock-specific. For the week, it is advisable to have a cautiously optimistic stance,” said Om Mehra, Technical Associate, Choice Broking.

FII and DII data: Foreign institutional investors (FIIs) net bought shares worth Rs 1,089.41 crore, while domestic institutional investors (DIIs) net purchased equities worth Rs 47.18 crore on Monday (14 November), according to the provisional data available on the NSE.

Stocks under F&O ban on NSE: BHEL, Sun TV Network, Gujarat Narmada Valley Fertilizers and Chemicals, and Punjab National Bank are under the NSE F&O ban list for today (15 November). Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95% of the market-wide position limit.

CPI inflation cools in Oct: India’s headline retail inflation rate fell to a three-month low of 6.77% in October from 7.41% in the previous months on a favourable base effect. Despite the sizeable cooling-off in inflation, it stayed above the 6 percent upper bound of the RBI’s tolerance band for 10 months in a row. At 6.77% the latest Consumer Price Index (CPI) inflation print is broadly along expected lines.

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OPEC cuts oil demand outlook: The Organization of Petroleum Exporting Countries (OPEC) reduced its forecasts for global oil demand again as the group implements production cutbacks aimed at keeping markets in balance. Due to a weaker economic backdrop and China’s strict anti-Covid measures, OPEC lowered estimates for the amount of crude it will need to pump this quarter by 520,000 barrels a day, following a similar-sized downgrade a month ago.

Oil price drop: Oil prices settled around $3 lower on Monday, dragged down by a firmer US dollar while surging coronavirus cases in China dashed hopes of a swift reopening of the economy for the world’s biggest crude importer. Brent crude futures settled down $2.85, or 3%, at $93.14 a barrel, while WTI crude futures settled down $3.09, or 3.47%.