Markets are seen trading higher in early trades owing to overnight gains in US markets after US Fed chairman Jerome Powell said in a speech that he still sees interest rate cuts later this year. However, intra-day caution may prevail ahead of RBI policy announcement on Friday and global factors such as rising oil prices and FIIs offloading local shares amid uptick in US bond yields. Technically, Nifty’s price has receded from its record high of 22530 mark, but history suggests a significant breakout could be next. The line in the sand is at Nifty’s support at 22021 mark, while intraday support for the index is seen at 22339 mark.
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