Markets are likely to be on the back foot in early Tuesday trades amid weak global cues, even as People's Bank of China (PBoC), as widely expected, slashed its key lending rates. Multiple factors such as mounting Chinese growth fears, FII & DIIs turning sellers in yesterday’s trade, anxiety ahead of Powell’s Wednesday testimony before the US Congress, and a delayed monsoon would prompt investors to trade with caution. The flow of the global markets trend would continue to dictate the sentiment back home. While Nifty is close to its all-time high level of 18,888 mark, sharp intra-day volatile moves could dent the sentiment.