Markets may open on a flattish note

Indian equity markets may open on a flattish note on Tuesday tracking subdued cues from Asian peers. The SGX Nifty, which was trading with gains of 6 points at 9,700, indicated that domestic bourses may open flat.
 
Nifty50 is likely to face immediate resistance around the levels of 9,700-9,710. If it holds above these levels, a rally up to the level of 9,750 is likely. On the downside, the support for Nifty50 index is placed in the region of 9,620-9,630.
 
Back home, Indian markets continued their winning streak on Monday, with benchmark indices Sensex and Nifty recording fresh record highs, as sentiment got a boost after better-than-expected growth in Indian’s service PMI, Nikkei Purchasing Managers’ Index (PMI) data showed that India’s services sector expanded at the fastest rate in the past four months in May at 52.2. Additionally, gem and jewellery stocks were in the limelight after GST Council fixed GST rate at 3%.
 
The US stocks showed a lack of direction throughout the trading session on Monday. Eventually, the session ended with nominal losses. The Dow Jones Industrial Average slipped 22 points to 21,184. The SP 500 declined 3 points to finish at 2,346. The Nasdaq Composite Index closed lower by 10 points at 6,296.
 
Most of the Asian shares declined marginally in early trade on Tuesday. Japan’s Nikkei 225 has fallen 122 points. Hong Kong’s Hang Seng has advanced 77 points and China’s Shanghai Composite has shed 3 points.