The SGX 50 is suggesting a slight down take, a cut of around 10 to 20 points to begin trade with. The reason for that is the US markets have closed with minor cuts. The Dow Jones was down 0.6 percent, the S&P500 ended lower by 0.2 percent. The Nasdaq was down close to about 0.1 percent. So global markets have taken a bit of a breather. There is a pause at the rally and that might reflect in the Indian market.

But separately for the Indian markets, we've been facing some resistance. Now Monday was the fourth instance in the last six trading sessions that the Nifty50 index crossed the mark of 18,600 each day but failed to sustain above those levels. So this 18,062 in fact was the intraday high on the Nifty last week.

This morning, we don't have the global queues to propel us higher.

The big thing to watch out this week is the RBI monetary policy, but that will be known only on Thursday. On the other hand, midcaps have been doing well. Now, the midcap index just was up about 0.14 percent on Monday. It wasn't too much of a gain, but the midcap index was higher for the 11th straight session and it did close at record levels in terms of flows.

Domestic institutional investors (DIIs) bought Rs 1,195 crore in cash. Meanwhile, the foreign institutional investors (FIIs) sold Rs 701 crore in cash market in the third consecutive day of selling in the cash market.

In terms of stocks, JK cement has acquired Charlie Cement. BHEL has got a ‘downgrade’ by Nomura. They’ve lowered the rating to a reduced target price brought down to Rs 61 per share. They are concerned about the rising receivables, the debtor days, they believe the recent order winds are aggressive, so the scope of margin recovery could be less than what the street is anticipating.

Tune in to Marketbuzz Podcast for more news and cues ahead of today’s session