Indian markets were trading positive on Tuesday but soon witnessed selling pressure and at the time of publication of this report, NSE Nifty was down by 77 points, little lower than psychological level of 25,000. The US markets closed negative on Monday with Nasdaq down by over one percent. The sentiment in the Indian markets is still positive but massive selling by FIIs is keeping the stocks under pressure. Domestic institutions and retail buyers are supporting the market as FIIs are net sellers.

Among major gainers during early trade were HDFC Life, HDFC Bank, Grasim, Hindaclo and Dr Reddy’s Laboratories. Bharti Airtel, SBI Life and HCL Technologies were among gainers.

Among major losers on NSE were Trent, Mahindra & Mahindra, Nestle India, Eicher Motors, IndusInd Bank and Tata Motors.

Indian markets can see further selling but there is support for NSE Nifty around 24,937. If markets go below this level, the next support is around 24840-24,820.

If the US futures remains positive, we could see some recovery in Indian markets. The move could be range-bound in today’s trading session.