Yesterday, the Nifty broke out. It finally conquered the resistance levels of 18,600 to 18,700 to close significantly higher. This morning, the SGX Nifty is pretty flat. The US markets too had had a mixed session. While Dow Jones was up 0.3 percent, we did see profit taking in NASDAQ. NASDAQ was down 1.3 percent. But the Russell 2000, a smallcap index, saw a rally of 1.8 percent. So the broadening of the US market rally continued and that is a bit of a positive.

But we've got such a big cue, we've got the RBI monetary policy and that decision will be known in around two hours from now.

So the market could take a bit of a wait-and-watch approach before deciding its next move.

So that's why the SGX Nifty is on the flatter side.

In terms of the other big notable cues, everyone's watching out for whether we can go back to our all-time-high levels.

The all-time high level on the Nifty was 18,888.7 hit on December 1, following which markets went into a bit of a corrective zone. Then came the news of Adani and US regional banks and the markets sold off considerably in the February and April.

Since then it has been moving up. In fact, if you remember towards March-end, the Nifty was at a level below 17,000 and the markets have made a spectacular up move over April and May.

But over the last couple of days, it was consolidating within a tight band of 18,400 to 18,600.

On Wednesday, we witnessed the first signs of a breakout. Now, the question is whether we can test our all-time high levels. We're just about 160 points away from that in terms of flows. Both the FIIs and DIIs were buyers in the cash market.

In terms of some stocks you should keep on your radar -- both Tata Motors and Tata Communications -- held their analysts meet or investor day on Wednesday.

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