Nifty is likely to remain sideways, as after a rally of 900 points; buyers at 17,000 would want to take some profits off the table, said an analyst. 
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Nifty is likely to remain sideways, as after a rally of 900 points; buyers at 17,000 would want to take some profits off the table, said an analyst. The domestic stock market is likely to open lower on Tuesday and extend its weakness for another session, thanks to weak cues from Asia, even as US stocks settled higher overnight. China's GDP numbers scheduled for later today will be keenly followed by investors globally. India Inc's quarterly results will sway sentiment at home. Here's what you should know before the Opening Bell:Nifty outlook Nifty fell following a ‘Hanging Man’ pattern formation on the daily chart in the previous session. Besides, the recent rally found resistance around the 50 per cent retracement level of the previous fall, before closing with a Bearish Engulfing pattern, said Rupak De, Senior Technical Analyst at LKP Securities. "On the lower end, support lies at 17,550, below which the index may fall towards 17,400. On the higher end, 17,800 is likely to remain in resistance for Nifty," he added.SGX Nifty signals a negative start Nifty futures on the Singapore Exchange traded 33.5 points, or 0.19 per cent, lower at 17,730, hinting at a negative start for the domestic market on Tuesday.Asian shares mostly lower Asian stocks opened lower on Tuesday as focus shifts to China, which will announced its first quarter GDP amid the twist in geopolitical concerns with US. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.35 per cent. Japan's Nikkei rose 0.59 per cent; China's Shanghai retrated 0.07 per cent; Hong Kong's Hang Seng shed 0.55 per cent and Korea's Kospi declined 0.32 per cent.Oil prices little changed Oil prices held steady in early trading on Tuesday after falling 2 per cent in the previous session, with markets awaiting the release of economic data in China, looking for signs of economic recovery and growth to offset weakening demand elsewhere. Brent crude was flat at $84.76 a barrel, while US West Texas Intermediate was up 5 cents at $80.88 a barrel.Dollar eases after strong jump The dollar eased on Tuesday after rallying overnight as strong US economic data reinforced expectations that the Federal reserve will hike interest rates again in May, while investors awaited data from China that will highlight the extent of the recovery of the world's second biggest economy. The dollar index fell 0.039 per cent to 102.05. The euro was down 0.01 per cent at $1.0925. The Japanese yen strengthened 0.09 per cent to 134.36 per dollar. Sterling was last trading at $1.2375, up 0.01 per cent on the day.US stocks settle higher Major US stock indexes posted modest gains on Monday, helped by financial and industrial shares, while investors braced for a heavy week of corporate results and comments from Federal Reserve officials that could give more insight into the path of interest rates. The Dow Jones Industrial Average rose 100.71 points, or 0.3 per cent, to 33,987.18; the S&P 500 gained 13.68 points, or 0.33 per cent, at 4,151.32; and the Nasdaq Composite added 34.26 points, or 0.28 per cent, at 12,157.72.Q4 earnings today ICICI Lombard General Insurance Company, Schaeffler India, Crisil, Tata Coffee, Accelya Solutions India, Oriental Rail Infrastructure, Seacoast Shipping Services and Vivanta Industries are among the companies that will announce their earnings for the March 2023 quarter.Stocks in F&O ban Two stocks- Delta Corp and Balrampur Chini Mills- continue to be put under F&O ban by National Stock Exchange (NSE) for Tuesday, April 18. Derivative contracts in a security are banned when it crosses 95 per cent of the market-wide position limit (MWPL). No new positions can be created in the derivative contracts of said security. This prohibition is lifted when the open interest in the stock drops below 80 per cent of the MWPL across exchanges.
Also read: Stocks to buy or sell: Bharti Airtel, Eicher Motors, Escorts Kubota, Ahluwalia ContractsFPIs sell shares worth Rs 553 crore Provisional data available with NSE suggests FPIs turned net sellers of domestic stocks to the tune of Rs 533.20 crore on Monday. However, domestic institutional investors (DIIs) turned net buyers of equities to the tune of Rs 269.65 crore. Rupee falls 16 paise against dollar The rupee depreciated 16 paise to close at 82.01 against the US currency on Monday as a strong American currency overseas and a negative trend in domestic equities weighed on investor sentiments. Forex traders said firm crude oil prices also dragged the local unit down. Note: With inputs from PTI, Reuters and other agencies
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