Markets to open soft on muted global cues - Consortium

The key Indian stock indices closed marginally lower at the end of a rangebound and muted session, as investors took a pause after a two-day rally. The undercurrent was slightly cautious as results began to pour in from the recently-concluded assembly elections in Gujarat and Himachal Pradesh.

Investors also took it bit easy as there won't be any major triggers for the Indian markets in the next few weeks leading up to the RBI's January-end policy meeting. In addition, there are concerns regarding the ongoing political standoff in Washington. Even the announcement of fresh monetary stimulus by the Bank of Japan was not enough to lift the domestic stocks today.

The Sensex lost 0.11%, while the NSE Nifty dropped by 0.20%. The parliament session ended yesterday and no domestic triggers exist for time being so markets would focus on global events. Asia stock markets are trading lower in early trades as after optimism for a resolution to the U.S. "fiscal cliff" received a dent from Republicans canceling a vote on a back-up tax-cut plan.

Resistance for today exists at 5926 to 5935 range Support for today exists at 5900 and 5881 which is yesterday's intraday low. We see markets consolidating within this range.

Source : Equity Bulls

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