Wall Street had a mixed session overnight with the S&P 500 ending flat and the Dow Jones declined over 100 points. The Nasdaq gained 0.5 percent. The meeting between US President Joe Biden and House Speaker Kevin McCarthy ended without a deal on Monday. The Nasdaq also ended at the highest level since August last year.

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After a three-day lull, the Nifty 50 has staged a smart comeback over the last two trading sessions, gaining nearly 200 points. The index is now back above the mark of 18,300, closing at the highest level in five trading sessions. While the Nifty Bank underperformed, the Nifty IT is leading the index higher, courtesy Infosys and TCS.

Today is also the weekly options expiry of the Nifty Financial Services contracts. The index has been in consolidation mode over the last 10 trading sessions and has not seen a move in excess of 1 percent in either direction.

In key levels, the 20-Day Moving Average for the Nifty 50, which currently lies at 18,142 will act as an important support for the index, while the Nifty Bank continues to face resistance at the mark of 44,000. Experts believe that there has to be a move in either side of the Nifty Bank range of 43,500 - 44,000 for a clearer direction.

Among earnings reactions, BPCL managed to beat expectations with reported Gross Refining Margin of $21 per barrel coming in well higher than then estimate of $12.5 per barrel. Net profit, margin, EBITDA and revenue were all ahead of consensus expectations. On the other hand, Shree Cement missed delivering on the operational front due to higher-than-expected costs.