U.S. stocks advanced on Monday - securing its eighth straight winning session -, building on their largest weekly percentage gain of the year as investors focused on the Democratic National Convention and the upcoming Jackson Hole Economic Symposium. China’s loan prime rates were on Tuesday held at 3.35% for the one-year LPR and 3.85% for the five-year LPR, in line with expectations from a Reuters poll of economists. Global risk appetite was buoyed by news that Israeli Prime Minister Benjamin Netanyahu had accepted a "bridging proposal" presented by Washington to tackle disagreements blocking a ceasefire deal in Gaza. Crude oil steadied after the biggest drop in two weeks as the US said Israel accepted a cease-fire proposal in Gaza, potentially easing supply risks as concerns about the global demand outlook mount. Goldman Sachs has cut its probability forecast for a U.S. recession to 20% shortly after raising it, as fresh labor market data sparked a reassessment of market views on the economy. Economists at Goldman earlier this month raised their 12-month U.S. recession probability from 15% to 25% after the U.S. July jobs report of Aug. 2 showed nonfarm payrolls grew by a less-than-expected 114,000. Asian stocks climbed a one-month peak on Tuesday, tracking a Wall Street rally driven by expectations that the Federal Reserve could offer further hints of looming rate cuts later this week. Nifty on Monday rose for the third consecutive session to close at 24572, with a gain of 0.13% or 31 points. Nifty has retraced more than 50% of the entire fall witnessed from all-time high of 25078 to the recent swing low 23893. Nifty has also reclaimed levels above its 20 DEMA, placed at 24390 odd levels. The downward gap formed on 5th August between 24686 and 24350 is partially filled now. For negating the entire gap resistance, Nifty needs to close above 24686 level. The band of 24470-24500 could offer support to Nifty in the coming sessions. A close above 24686, could drive the Nifty index towards new all-time highs.