GIFT Nifty up 5 points; here's the trading setup for today's session

Sensex and Nifty crossing 70,000 and 21,000 mark on Monday. Analysts said strong domestic economic growth along with return of FIIs will drive the market higher in the coming months.

«However, for the next few days markets are likely to consolidate in a range given global central banks are set to announce policy outcome this week,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal

Here's breaking down the pre-market actions:

STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a muted start
GIFT Nifty on the NSE IX traded higher by 4.5 points, or 0.02 per cent, at 21,145.50, signaling that Dalal Street was headed for muted start on Tuesday.

• Tech View: The overall positive chart pattern of Nifty remains intact. There is a possibility of Nifty continuing its upward journey without showing any major breakdown in the near term. A decisive move above the 21K mark could open the next upside target of 21550. Immediate support is placed at 20850 levels, said Nagaraj Shetti of HDFC Securities.
• India VIX: India VIX, which is a measure of the fear in the markets, rose 2.31% to settle at 12.76 levels.

US stocks gain
U.S. stocks registered modest gains on Monday but managed to close at new highs for the year, ahead of major market catalysts this week that include inflation readings and the Federal Reserve's policy announcement, which will strongly influence investor expectations on the path of interest rates.

• Dow up 0.43%,
• S&P 500 rises 0.39%,
• Nasdaq Composite gains 0.20%

Asian shares up
Asian shares rose ahead of key US economic data and meetings from major central banks that will give fresh clues about the likelihood of rate cuts next year.

• S&P 500 futures were little changed as of 9:36 a.m. Tokyo