Last week, tracking global cues and strong buying by both retail and foreign buyers made the markets hit another record high. But profit booking didn't allow the markets to surpass more highs. Nifty closed at 7542 down around 0.54 per cent. The immediate support levels for the Nifty are 7462 and 7412. Movements below these levels can cause further sell-off, and Nifty may find support at 7100 levels. Nifty has resistance at 7658 and 7700.

Reform wish
Overseas investors have pumped in a staggering Rs 1 lakh crore into the Indian equities market since the beginning of the year, on the hope that the new government may give way to more reforms. As per SEBI, the net investments by FIIs into the Indian equity markets stood at Rs 51433 crore in the current year while the same for the debt markets was at Rs 52115 crore taking a total to R 103548 crore ($17 billion).