Profit booking emerged on Tuesday after the Nifty had rallied over 4%, over the previous seven sessions, supported by lower crude oil prices and moderation in foreign outflows following measures aimed at supporting the rupee. Analysts say Indian equities are expected to trade sideways with a marginal negative bias in the near term amid weak global cues, continued Foreign Institutional Investor outflows, and uncertainty surrounding the proposed US-Iran ceasefire.STATE OF THE MARKETSGIFT Nifty (Earlier SGX Nifty) signals a positive startGIFT Nifty on the NSE IX traded higher by 57 points, or 0.24 per cent, at 23,867.50, signaling that Dalal Street was headed for a positive start on Wednesday.Tech View: Nifty found support exactly at the rising trendline formed by connecting multiple highs and lows on the hourly chart, which provides a basis to expect a decent recovery in the near term. On the higher end, resistance is placed at 23,950–24,000. On the lower end, crucial intraday support is placed at 23,700, below which serious selling might come.India VIX: India VIX, which is a measure of the fear in the markets, rose 9% to settle at 13.94 levels.US Stocks end lowerThe Nasdaq and the S&P 500 closed at more than one-week lows on Tuesday, dragged down by sharp losses in semiconductor stocks as investors scrutinized growing debt-funded AI spending and braced ‌for a ⁠more hawkish ⁠U.S. Federal Reserve. The Dow ended slightly lower.Asian shares gainStocks in Asia staged a cautious recovery from Tuesday’s global tech-led selloff that renewed concerns that the artificial intelligence-driven equity rally may have run too far, too fast.S&P 500 futures rose 0.2% as of 9:57 a.m. Tokyo timeHang Seng futures rose 0.8%Japan’s Topix fell 0.4%Australia’s S&P/ASX 200 was little changedEuro Stoxx 50 futures were unchangedOil fallsOil prices fell on Wednesday, extending this week's losses and trading near four-month lows hit in the previous session, on signs that more oil tankers stranded in the Gulf since the start of the Iran war are set to move out of the Strait of Hormuz.Gold slipsGold extended losses on Wednesday, as bets on U.S. interest rate hikes lifted the dollar, while investors assessed conflicting signals on the U.S.-Iran peace talks.Stocks in F&O ban today1) KaynesSecurities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.FII/DII actionForeign portfolio investors net bought shares worth Rs 17.86 crore on Tuesday. DIIs, meanwhile, were net buyers at Rs 680 crore.RupeeThe Indian rupee ended modestly weaker on Tuesday as a churn in US rate expectations boosted the dollar to a one-year peak against a basket of peers, driving global equities lower and pressuring Asian currencies.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)