The last hour decline in the stock market on Thursday and Friday made sure that the market has rejected the higher end of the range. This means, today, the Nifty is going to test the lower end of the range – 16,824 and 16,950. Trends on SGX Nifty indicate a gap-down opening for the broader index in India with a loss of 268 points.

On Friday, the Nasdaq ended at the lowest point of the day but it is a bit of a local versus global cue that the market faces on Monday as the domestic cues are strong.

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Trade setup for May 2: Can bulls keep Nifty50 above 17,000?

Goods and services tax (GST) collections were at all-time high – 1.68 lakh crore and most results over the weekend have been good but is the market in a mood to oblige to the numbers?

It is a truncated week but it is perhaps the most important week for global financial market with the Federal Open Market Committee (FOMC) meet lined up and the global markets are seeing a lot of too and fro.

Foreign investors have pulled out Rs 17,144 crore from the Indian equity market in April amid fears of an aggressive rate hike by the US Fed making it the seventh straight month of outflows.

Watch the accompanying video of CNBC-TV18’s Anuj Singhal for more details.

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